The International Finance Corp., a member of the World Bank Group, is investing $161 million in three biomass power plants in Negros Occidental being developed by Bronzeoak Philippines.
IFC said in a statement the project was expected to generate 70 megawatts of clean renewable energy for the country.
It said the projects were also supported by the government of Canada and Clean Technology Fund.
The power plants are being built in the towns of Manapla, San Carlos and La Carlota and will convert sugarcane waste into electricity using a low carbon-emitting process called circulating fluidized bed boiler technology.
“Energy is central to the country’s development, and the Philippines needs to further diversify and secure its energy sources. Converting agricultural waste to biomass power is a sustainable way of creating economic value while caring for the environment,” IFC country manager Yuan Xu said.
The Clean Technology Fund and the government of Canada’s contribution to the project through the IFC-Canada Climate Change Program helped make the biomass investment viable.
Canada provided C$271 million to the program to enable climate change investments that are generating significant environmental and economic benefits in developing countries.
“We are pleased to support innovative projects abroad that help reduce global greenhouse gases. Through our partnership with the IFC, the Government of Canada will deliver funds that will enable the growth of renewable energy while supporting the creation of green jobs,” said Catherine McKenna, Canada’s Minister of Environment and Climate Change.
Jose Maria Zabaleta, chief operating officer of Bronzeoak Philippines, said the funding “will help utilize agricultural waste to generate reliable base load power, providing additional income to farmers, reducing fertilizer costs, and helping contribute to a healthful ecology.”