Korean company Phil-Korean Renewable Energy Corp has unveiled plans to invest in a biomass power plant in Palawan, the Philippines.

The firm plans to invest P3.24bn (US$72m) in the 30MW power plant following renewable energy service contracts awarded by the Philippines Department of Energy.

Phil-Korean chair Won Gul-lee said the firm plans to use wood chips from ipil-ipil trees as feedstock for the planned power facility and it will develop about 80,000ha of ipil-ipil plantation for plant, according to the Philippine Daily Inquirer.

Palawan Electric Cooperative is expected to buy power from the power plant that will begin commercial operations by 2013, according to the report.