EDC receives development contract approval for 130 MW development
Sunset on Negros Island, Philippines (source: flickr/ jonrawlinson, creative commons)
Alexander Richter
18 Jun 2012
Energy Development Corp. receives development contract clearance for five projects of 130 MW geothermal power generation capacity at Mt. Ampiro and Balingasag, Misamis Occidental; Lakewood and Mandalagan, Negros Occidental; and 20 MW at Mt. Zion in North Cotabato.
Reported this morning, Energy Development Corp. recieves development contract clearance from the Philippine Energy Department. The contracts involve development of 130 MW in five areas.
The company 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.
Tantoco said the company would finance its capex from internally-generated cash. “We have around P10 billion ($234 million) 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 ($33m) for the Bac-Man rehabilitation, P500 million for the capital expenditure of Green Core Geothermal Inc., P2 billion ($47m) for the acquisition of two new geothermal exploration rigs, P2.2 billion ($52m) for the replacement of new wells, and funding for the transfer of the Northern Negros geothermal project to Nasulo in southern Negros.”
Source: Manila Standard
