Talisay cogeneration plant

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In 2003, Talisay Bioenergy Inc (TBI) began development of a 30 MW bagasse (a sugar-cane byproduct) co-generation plant in Talisay, Negros Occidental. The plant was to receive fuel under energy supply agreements with First Farmers Holding Co. (Phillipines, owned by sugarcane farmers and stockholders). The plant was to sell power to Central Negros Electric Cooperative to supply the Bacolod City under a 30-year power supply agreement, and would also supply steam and power to a medium-sized sugar mill and refinery in the area. The plant would be owned by TBI (70%) and PNOC (30%, the state-owned oil company). TBI was owned by Bronzeoak Phillipines, which in turn was owned by Zabaleta & Co (50%, Philippines) and Bronze Oak group (50%, UK). The project was expected to cost US$60 million, which was to be financed by equity from PNOC (US$6 million) and TBI (US$12 million), with the remaining US$42 million to be financed by loans. Construction was expected to begin in 2006, and to be completed by August 2006.