A subsidiary of the company is planning some Php13 billion ($28.6 million) of investments to develop three projects on the islands of Visayas and Mindanao over the next five years.
The first, a Php4.1 billion ($9 million) 23.5 MW biomass-fired plant in Agusan del Norte, is currently under development by Caraga Renewable Energy Corp.
Eastern Petroleum Chief Executive Officer Fernando L Martinez apparently told reporters: ‘We are exploring all possibilities for diversification and since there’s a lot of interest in ethanol and biomass, we are looking at building two separate cogeneration projects. In doing so, we will be producing electricity and ethanol for local requirements.’
A planned roughly 18 MW cogeneration plant in Visayas will entail an investment of about Php5 billion whilst a further Php 4 billion will be spent on a 12-14 MW facility on Mindanao.