MANILA, Philippines – MG Leasing Corp. (MGL), a joint venture between Japanese industrial giants Sumitomo Mitsui Finance and Leasing Corp. (SMFLC) and Marubeni Corp., is planning to invest in renewable energy projects in the Philippines.
In a statement, MGL said it has entered into an agreement with local firm, Solutions Using Renewable Energy Inc. (SURE) for the creation of a corporate vehicle, SURE Eco Energy Philippines Inc. (SURE Eco), to pursue this plan.
MGL is 55 percent owned by SMFLC and 45 percent by Marubeni.
SURE corporate secretary Clarence De Guia said under the agreement, SURE Eco will be tasked to implement several identified waste-to-energy projects.
These include the waste-to-power facility of San Miguel Corp.’s Monterey hog farm in Sumilao, Bukidnon and similar biomass-fired power plants for Silangan Farms in Lipa City, Batangas Holiday Hills Stock and Breeding Farm Corp. in San Pedro, Laguna, and Santos Farms in Gen. Natividad, Nueva Ecija.
MGL plans to raise more than $3 million to construct and operate the projects that have been assigned to SURE Eco.
De Guia said the establishment of SURE Eco is timely as Congress had just passed the Renewable Energy Act.
“It gives MGL a presence in the Philippine RE business, which is becoming more popular and international in scope due to global concerns about dwindling fossil fuel stock and pollution,” he said.
MGL officer Daisuke Ishihara, in charge of developing the company’s RE portfolio in the Philippines, said with this development, “the Japanese company is considering the establishment of a Philippine office.”
SURE was organized by a group of RE and environment experts that include retired officials of the Department of Environment and Natural Resources (DENR).
Its clients include companies that handle large amounts of biomass waste, like those from poultry and pig farms. It also offers its services to clients under an innovative build-operate-transfer (BOT) contract.
De Guia said under the BOT contract, SURE will be constructing and operating the RE plants on behalf of the clients.
On top of this, SURE sells to clients its electricity output at a hefty discount, approximating 20 percent lower than what its clients are paying.
“SURE commits to turn over ownership of the generator to the client within a short period of only seven years,” the SURE official added.
De Guia also said SURE client also earns from the sale of organic fertilizer and other useful by-products from the conversion of waste to energy.
SURE he said also shares with the client whatever revenues that will be derived from trading the carbon credits of the waste-to-energy facility.–Donnabelle L. Gatdula, Philippine Star
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