By Abigail L. Ho
MANILA, Philippines — MG Leasing Corp., a leasing company owned by Sumitomo Mitsui Finance and Leasing Corp. and Marubeni Corp., has formed a joint venture with local firm Solutions Using Renewable Energy Inc. (SURE) to handle renewable energy projects in the country.
The joint venture, Sure Eco Energy Philippines Inc., is 60-percent owned by the Japanese group and 40 percent by SURE.
In a statement, SURE corporate secretary Clarence de Guia said the joint venture would assume several waste-to-energy projects currently under the SURE portfolio.
These include a waste-to-power facility of San Miguel Corp.’s Monterey hog farm in Sumilao town in the southern province of Bukidnon and biomass-fired power plants of Silangan Farms in Lipa City, Batangas, south of Manila; Holiday Hills Stock and Breeding Farm Corp. in San Pedro town, outside Manila, and Santos Farms in General Natividad town in the northern province of Nueva Ecija.
In exchange, MG Leasing will generate the additional funding needed to put up and run these projects, De Guia said. Its investment infusion amounts to more than $3 million, he added.
MG Leasing’s Daisuke Ishihara said establishment of the joint venture could prompt the Japanese firm to put up a Philippines office.
SURE holds a wide range of renewable energy projects, for companies that handle huge amounts of biomass waste, such as those in the poultry and hog businesses, De Guia said.
Using technologies developed in-house, it serves clients on a build-operate-transfer scheme, and spares clients from putting up capital to construct a facility to dispose of or treat their waste materials, he said.
SURE also sells to clients the electricity it produces, he added. With editing by INQUIRER.net