EDC’s geothermal projects secure clearance

 Posted June 18th, 2012 by Alena Mae S. Flores


The Energy Department approved the application of Energy Development Corp. to pursue more geothermal energy projects in five areas with a combined capacity of 130 megawatts.

EDC, the geothermal energy unit of the Lopez Group, secured clearance for geothermal development contracts that involve a 30-MW capacity at Mt. Ampiro in Misamis Occidental; 20 MW in Balingasag, Misamis Occidental; 40 MW at Lakewood geothermal project in Negros Occidental; 20 MW in Mandalagan, Negros Occidental; and 20 MW at Mt. Zion in North Cotabato.

The company is working on several geothermal projects that will add 230 MW of capacity to its geothermal portfolio over the next five years.

These include the 20-MW Nasulo and 40-MW Dauin geothermal projects in Negros Oriental, 50-MW Mindanao 3 project in Cotabato, 30-MW Cabalian project in Southern Leyte and the 40-MW Bacman 3 and 50-MW Kayabon project both in Sorsogon.

“Our domestic expansion projects have total estimated capacity of 230 MW spread across several modest-sized projects,” EDC president and chief operating officer Richard Tantoco said earlier.

EDC has more than 1,400 megawatts under its green power portfolio, following the acquisition of a hydropower project and wind power projects.

The company set a capital expenditure of P20 billion this year, of which P6 billion has been allocated for the planned 86-MW Burgos wind project.

Tantoco said the company would finance its capex from internally-generated cash. “We have around P10 billion in cash…we do not need additional funding this year,” Tantoco said.

The company had also set aside P14 billion for internal projects, P1.4 billion for the Bac-Man rehabilitation, P500 million for the capital expenditure of Green Core Geothermal Inc., P2 billion for the acquisition of two new geothermal exploration rigs, P2.2 billion for the replacement of new wells, and funding for the transfer of the Northern Negros geothermal project to Nasulo in southern Negros.

(Published in the Manila Standard Today newspaper on /2012/June/18)    source