Caramoran signs deal for $300-M waste-to-energy plant
Caramoran City officials signed a memorandum of agreement with a green energy company to build a $300-million waste-to-energy (WTE) plant in Barangay Bocon starting early 2020.
The local government unit granted Opus Energy Solutions, Inc., under the contract inked last Oct. 23, 2019, a 25-year concession agreement to build and operate the plant which will also generate around 34 megawatt-hours (MWh) of exportable electricity from waste combustion.
In addition, the LGU is obliged to pay Opus Energy tipping fees of US$ 32 to $35 per ton of waste delivered to the plant from its collection of higher charges per ton from LGUs and other waste disposal entities at the site
Caramoran is also obliged to take all electricity from the plant and pay it at an estimated lower price than the existing generation value that can be recovered from the selling of electricity to the First Catanduanes Electric Cooperative, Inc. and the Bicol mainland via a submarine cable.
Mayor Glenda Aguilar signed the agreement with Opus Energy president and chief executive Rafael Javier Eubra and Catanduanes Matibayon Development Corporation president Cedric Sanchez with the Sangguniang Bayan's approval obtained through a special session on the same day.
Vice-Mayor Chyrrel Barro and members of the Municipal Council, Opus Energy Chief Operating Officer Thomas Kwok and Chief Financial Officer William Cheah also attended the brief signing ceremony at Congressman Hector Sanchez's district office at the Legislative Building.
The Matibayon Company is leasing a 20-hectare lot at Bocon to Opus Energy for the construction of the plant which will involve the relocation of about 20 houses with full cost to be shouldered by the Sanchez firm.
CEO Eubra stressed that Opus Energy will invest all of the financing needed for the WTE plant with the LGU only required to provide its full support, aside from performing its obligations under the contract regarding tipping fees and the electricity produced by the plant.
Opus Energy is positive that by the first quarter of 2020 it will be able to start construction and complete the project by October 2022 within two and a half years.
In a briefing for the benefit of Caramoran officials, Eubra and his team stated that Catanduanes produces a total of 200 tons of solid waste every day based on the data they obtained during an initial visit.
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