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MANILA, Philippines – Local holding firm Aboitiz Equity Ventures, Inc. (AEV) and British company Gazasia Ltd. will develop and operate plants that will convert organic waste into fuel for vehicles.
Executives of the Aboitiz firm and Gazasia signed a memorandum of agreement in London in the presence of President Aquino who is on a 3-day trip to the United Kingdom.
Sabin Aboitiz, the Pilmico president and SN Aboitiz Power Pilmico director, and Gaz Asia Ltd. CEO Richard Lilleystone were the signatories in the MOA.
AEV did not disclose to the Philippine Stock Exchange the investment amount, but an earlier news report indicated the the plants will involve a $150 million investment to build the plants that will generate power from renewable energy.
The plants are, according to AEV, targeted to convert a carbon-neutral, sustainable and renewable fuel for vehicles in the form of liquid biomethane.
Under the agreement, AEV said it will provide the core funding for the project and access to regional markets in the Philippines, while Gazasia will provide technical expertise, specialized equipment and project management
AEV said the specific terms and conditions of the project will be finalized in a definitive agreement to be agreed upon by the parties. Gazasia Ltd. is a United Kingdom-based company specializing in providing waste- to-fuel solutions.
Earlier, AEV expressed its interest in diversifying to infrastructure projects, mainly airports and power-related projects while its power company, Aboitiz Power, Aboitiz targets to have a capacity of 3100 megawatts (MW) when its planned new power generating plants are finished in 2015.. – Rappler.com
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