Lucky PPH International Inc., a power generation company, announced to invest PHP903.3 million ($19.40 million), for the construction and development of biomass power project to be located in Alicia, Isabela, Philippines. The total installed capacity of the project will be 7.2 MW.
The facility will produce about 28,800 metric ton of biomass annually. The facility will generate electricity by using rice stems and rice husks, primarily, corn stalks, and other agricultural wastes.
The company has signed 25 year power purchase agreement with Isabela 1 Electric Cooperative (ISELCO 1) for supplying the generated electricity from the project. The remaining power will be supplied to its sister company Lucky Brothers Rice Mill.
The company has received approval from Board of Investments (BoI) for the construction of the project. The facility is expected to be operational by 2012.