EDC plans upgrade for Palinpinon and Tongonan plants
DC will upgrade the Palinpinon and Tongonan geothermal facilities it won in a government bidding last week, to bring back the plants’ rated capacities
Reported from the Philippines, “EDC will upgrade the Palinpinon and Tongonan geothermal facilities it won in a government bidding last week, to bring back the plants’ rated capacities.
“On Palinpinon, the priority is to rehabilitate and bring it back to its rated capacity of 192.5 megawatts (MW),” Richard B. Tantoco, EDC chief operating officer, said.
“On Tongonan, we want to bring it back to 112 MW [as] it is currently at 84 MW,” he added.
EDC subsidiary Green Core Geothermal, Inc. won the Palinpinon and Tongonan geothermal power plants on Sept. 2 in a bidding by the Power Sector Assets and Liabilities Management Corp. (PSALM). Green Core offered $220 million, higher than the $200-million bid of Aboitiz Power Corp. unit Therma Power-Visayas.
Mr. Tantoco said EDC has obtained financing for the required 40% deposit for the plant, and would then avail of the 60% staple financing of the state-led PSALM. ”
Source: Business World Online