Don Dia, Bronzeoak Philippines treasurer, said that they are looking at groundbreaking the power project in Capaz by the middle of next year.

The company targets to annually produce 110 million liters beyond 2011 with the start of the commercial operations of its San Carlos Bioenergy Inc. (SCBI).

Bronzeoak Philippines Inc., a joint venture between Bronzeoak Ltd. of the UK and Zabaleta & Co., earlier said it is looking at tapping the Development Bank of the Philippines to finance its ethanol projects.

Jose Maria Zabaleta Jr., Bronzeoak managing director, said they are looking for partners for the development of three potential sites for their projects.