Business World Online
Posted on January 28, 2014 10:37:27 PM
LOPEZ-LED Energy Development Corp. (EDC) targets to start commercial operation of its 87-megawatt (MW) wind farm in Ilocos Norte some time in the fourth quarter, a top company official told reporters in a text message yesterday.
“We are on track for completion this fourth quarter of 2014,” EDC President and Chief Operating Officer Richard B. Tantoco said when asked for updates on the project.
EDC started construction of the power project in the municipality of Burgos last year.
EXPANSION EYED
The firm had also bared plans to expand the plant’s capacity to up to 150 MW.
“Progress of the project is substantial and very impressive,” Mr. Tantoco said.
“We are laying all the groundwork for the expansion and have been moving ahead.”
EDC last month secured the Energy department’s green light for an additional 63 MW for the Burgos project with the issuance of a confirmation of commerciality for such expansion.
The company tapped Denmark-based Vestas Wind Systems to develop its 87-MW wind project which is located within a 600-hectare site covering three barangays in the municipality of Burgos, namely: Saoit, Poblacion and Nagsurot.
The foreign firm -- as engineering, procurement and construction contractor -- was tasked to install 29 units of turbines with a capacity of 3 MW each.
Vestas will also operate and maintain the power facility under a 10-year agreement with EDC.
PORTFOLIO GROWING
The 87-MW wind project -- which was estimated to cost about $300 million -- marked EDC’s foray into the wind energy business.
EDC currently operates 12 power facilities in five geothermal service contract areas in the country, including the 192.5-MW Palinpinon plant in Negros Oriental and 112.5-MW Tongonan plant in Leyte.
It is also involved in hydropower generation through First Gen Hydro Corp., which operates the 132-MW Pantabangan-Masiway plant in Nueva Ecija.
EDC’s net income sank 30.8% to P5.93 billion as of September last year from P8.57 billion in the same nine months in 2012.
In the same comparative periods, sales of electricity slipped 7.7% to P19.78 billion from P21.44 billion, while cost of power sales dropped 6.7% to P7 billion from P7.5 billion.
Shares of the firm gained four centavos or 0.78% to close at P5.16 apiece yesterday from P5.12 each on Monday. -- Claire-Ann Marie C. Feliciano source
EDC started construction of the power project in the municipality of Burgos last year.
EXPANSION EYED
The firm had also bared plans to expand the plant’s capacity to up to 150 MW.
“Progress of the project is substantial and very impressive,” Mr. Tantoco said.
“We are laying all the groundwork for the expansion and have been moving ahead.”
EDC last month secured the Energy department’s green light for an additional 63 MW for the Burgos project with the issuance of a confirmation of commerciality for such expansion.
The company tapped Denmark-based Vestas Wind Systems to develop its 87-MW wind project which is located within a 600-hectare site covering three barangays in the municipality of Burgos, namely: Saoit, Poblacion and Nagsurot.
The foreign firm -- as engineering, procurement and construction contractor -- was tasked to install 29 units of turbines with a capacity of 3 MW each.
Vestas will also operate and maintain the power facility under a 10-year agreement with EDC.
PORTFOLIO GROWING
The 87-MW wind project -- which was estimated to cost about $300 million -- marked EDC’s foray into the wind energy business.
EDC currently operates 12 power facilities in five geothermal service contract areas in the country, including the 192.5-MW Palinpinon plant in Negros Oriental and 112.5-MW Tongonan plant in Leyte.
It is also involved in hydropower generation through First Gen Hydro Corp., which operates the 132-MW Pantabangan-Masiway plant in Nueva Ecija.
EDC’s net income sank 30.8% to P5.93 billion as of September last year from P8.57 billion in the same nine months in 2012.
In the same comparative periods, sales of electricity slipped 7.7% to P19.78 billion from P21.44 billion, while cost of power sales dropped 6.7% to P7 billion from P7.5 billion.
Shares of the firm gained four centavos or 0.78% to close at P5.16 apiece yesterday from P5.12 each on Monday. -- Claire-Ann Marie C. Feliciano source
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