As part of its plan, Aboitiz Equity Ventures subsidiary Aseagas has signed a notes and security PHP2bn ($45.8m) agreement with the Development Bank of the Philippines to finance the biogas plant construction in Batangas, according to Manila Standard Today?.
In a disclosure to the Philippine Stock Exchange, AEV said the proceeds would be used of the loan from DBP "to finance the construction of Aseagas’ first biomass renewable energy plant to be located in Lian, Batangas."
Scheduled to commence construction in 2014, the liquid biomethane plant will produce transport fuel from organic waste and will have a capacity of around 9,000 metric tons of biomethane per year.
The project will be jointly developed by Aboitiz and Gazasia, The Philippine Star reported.
Earlier, Aseagas officials said the biogas plant in Batangas will produce carbon neutral fuel in the form of liquid biomethane.
