The construction of the project will be completed by the end of 2017 and it is estimated to provide power for nearly 265,000 people.
The power plant will utilize crop residue from the local agricultural market to generate electricity. The plant is also estimated to create more than 3000 new and permanent jobs, both at the plant itself and in local agriculture.
The facility, which is ThomasLloyd’s second biomass power plant is expected to cut carbon emissions by about 85,498 tonnes a year, annually.
ThomasLloyd project finance head and managing director Anthony M. Coveney said: "The ground-breaking at South Negros BioPower once again emphasises our company’s sustainable expansion strategy.
"By further expanding our biomass investments, we are also extending the technology mix of ThomasLloyd’s infrastructure portfolio in Asia."
Besides, two solar power plantsSan Carlos Solar Energy II and III have started commercial operations in the Philippines. The two plants, developed in partnership with Bronzeoak Philippines were financed by ThomasLloyd and sold to Philippine Investment Alliance for Infrastructure (PINAI) in 2015..
The two solar projects have a combined production capacity of 125MW, which is sufficient to provide power to over 300,000 people.
ThomasLloyd group chairman and CEO Michael Sieg said: "With our continued expansion of the renewable energies infrastructure in South East Asia, we are not only creating investment opportunities that offer our investors attractive, long term revenue potential, but also creating prospects for the local population and economy on the basis of a reliable, affordable and environmentally friendly electricity supply."
Image: Thomas Lloyd Biomass power plant ground breaking ceremony. Photo: Courtesy of ThomasLlyod.
