$100 million Philippine power, ethanol project proposed; Itochu an equity investor

In the Philippines, the Japanese firm Itochu is joining local investors in funding Green Future Innovations, which has proposed a $100 million, 14 Mgy sugarcane ethanol plant in San Mariano, Isabela.

The investors will put up $30 million in equity, and the remainder will be project debt finance. The project will supply ethanol to the local market, which is moving from an E5 mandate today to an E10 mandate in 2011.

The facility will utilize sugarcane from an 11,000 hectare plantation, which will also supply bagasse for a 19 MW power project associated with the development – 13 MW will go to the grid while the remainder will support farming and distilling operations.

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