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Capas Bioenergy to finalize financing package in Q3

Capas Bioenergy Inc., a subsidiary of Bronzeoak Clean Energy Philippines, expects to finalize a financing package by the third quarter of the year for its P4.75-billion bio-ethanol project in Capas, Tarlac. “Capas is more advanced than the South Bukidnon project,” said Marriz Agbon, president Philippine Agricultural Development and Commercial Corp. “This is an offshoot of our US trip last year wherein FE submitted a proposal to develop lands for ethanol,” Agbon said. Bronzeoak committed to develop 15,000 hectares of feedstock to produce a combined output of 90 million liters of bio-ethanol a year. The San Carlos Bioenergy distillery is expected to start commercial operation by September after initial production began in February. The plant, located at the San Carlos Agro-Industrial Economic Zone in Negros Occidental, has a fuel ethanol distillery capable of producing 125,000 liters of ethanol per day, or 30 million liters annually, and a co-generation plant with a power capacity of 8 megawatts. The government is encouraging private companies to invest in bio-fuels projects in compliance with the Biofuels Act of 2006, which mandates a 5-percent ethanol blend with gasoline starting this year and 10 percent by 2011. (June 17, 2009)