Greenergy chief executive Antonio L. Tiu was quoted by BusinessWorld as saying that "The P25-million investment will give us about 50% of the firm but there will be advances later as more capital is needed for the ethanol project."
Isabela Alcogas has plans of setting up a cogeneration bioethanol and power plant in a 15,000ha plot and is currently finalizing details for the ethanol plant.
Greenergy is planning to establish 1,000MW of wind power facilities in the country over the next decade.
It had formed a joint venture with Chinese firm Tianjin Tianbao Investment and Development Corp to put up renewable energy projects.
Greenergy intends to invest a total of $1.3bn in renewable energy projects, out of which $200m will be allocated to wind projects and will also look into biomass, solar power, geothermal energy and hydroelectric power.
The company said a joint venture subsidy has been created for the wind projects and it is also negotiating the acquisition of two biomass plants.
