News Column

United States : DEVELOPMENT BANK OF PHILIPPINES lends P2 billion to ABOITIZ GROUP UNIT

June 10, 2014



The Development Bank of the Philippines has lend P2 billion to a unit of Aboitiz Equity Ventures Inc. to finance the construction of a biomass project in Batangas.

Asubsidiary Aseagas Corp has inked P2-billion notes facility and security deal with the Development Bank of the Philippines. Aseagas is a joint venture between Aboitiz Equity Ventures Inc. and British firm Gazasia Ltd. While Aseagas is the majority partner, Gazasia is the technical and minority partner in the joint venture.

The facility would be utilized "to finance the construction of Aseagas first biomass renewable energy plant to be located in Lian, Batangas".

It would begun selling clean, cheaper fuel to vehicles. This will come about after the $50-million biomethane plant in a 10-hectare property in Lian, Batangas is completed in 2015. This is the first of five such facilities.

Aseagas will produce 9,000 metric tons per year of liquid bio-methane fuel from organic waste and will be sold to commercial vehicle fleets and public transport running on gas engines in the first plant.


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: TendersInfo (India)


Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters