26 June 2009 in Business World Online

Biomass deals inked

GLOBAL BIOMASS PLC Corp. has signed three 25-year biomass supply contracts worth P9 billion each with three companies. The firm signed supply contracts with Green Power Panay Philippines, Inc., Green Power Nueva Ecija Philippines, Inc., and Green Power Pangasinan Philippine, Inc. for a total of P27 billion. "The injection of cash into the local community over the 25-year life of each biomass supply contract can be as much as, or even exceed P9 billion through biomass and ancillary services supply such as transport, storage and biomass fuel preparation," Gordon Thomson, chief financial officer of Global, said in statement. Each of the companies are developing 15-megawatt biomass power plants in their locations, with supply contracts to provide biomass derived from farm wastes such as corn and rice straw, sugar cane waste, and other agricultural residues. "It is very encouraging that the Philippine government and especially the Department of Energy and the Department of Agriculture are reacting quickly and positively to support renewable energy projects that address climate change while helping our farming communities," Maribeth de Montaigne, Global Biomass PLC director for social programs and poverty alleviation, said. The company said that each plant could generate 900 in direct and indirect jobs. Global Biomass PLC Corp. is a Philippine company owned by the UK company Global Biomass PLC.