The International Finance Corporation (IFC), in cooperation with the Government of Canada and the Clean Technology Fund, will invest $161 million in three biomass power plants in the Philippines.
According to IFC, the facilities will be built in Negros Occidental and will generate a combined total of 70 MW.
“We are happy to receive this support from IFC and the development partners,” Jose Maria Zabaleta, CEO of Bronzeoak Philippines, said in an Aug. 19 statement. “This funding will help utilize agricultural waste to generate reliable base load power, providing additional income to farmers, reducing fertilizer costs, and helping contribute to a healthful ecology.”
The biomass plants will convert sugarcane waste to electricity using circulating fluidized bed boiler technology, IFC said. According to the U.S. Department of Energy, fluidized beds suspend solid fuels on upward-blowing jets of air during the combustion process. Fluidized bed combustion is flexible — using almost any combustible material, from coal to municipal waste — and helps meet sulfur dioxide and nitrogen oxide emission standards without add-on controls.
IFC said that the three power plants are expected to qualify for the biomass feed-in-tariff of the Philippine Energy Regulatory Commission.
Bronzeoak is a one of the shareholders for the projects, and IFC is a member of the World Bank Group.