EDC plans to spend US$51m into geothermal expansion projects in 2011
Energy Development Corp. (EDC) is planning to spend US$51 million in the expansion/ rehabilitation requirements of its subsidiaries Green Core Geothermal and Bacman Geothermal at its plants in Leyte and Negros Oriental, Albay and Sorsogon in the Philippines.
“Energy Development Corp., the country’s largest producer of geothermal energy, plans to spend P12 billion (US$ 272 million) this year on expansion projects.” of which US$51 million are for geothermal projects , so local news from the Philippines.
“In a filing with the Philippine Stock Exchange, the Lopez-led EDC said that out of its capital expenditure budget of P12.024 billion, 39 percent, or P4.416 billion, will go to the development of the Burgos wind power project in Ilocos Norte.
EDC plans to put up a wind farm that can generate an additional 86 megawatts for the Luzon grid. With an estimated cost of $2.7 million per megawatt, the planned project may require over $230 million in investments.
The wind power project is among the projects that are expected to increase the company’s total generating capacity by 38 percent to 1,542 MW, from the current 1,116 MW, within five years.
Meanwhile, EDC also said it was allocating this year P2.65 billion (or 24 percent of the total capex, US$ 51 million) for the power plant rehabilitation requirements of its subsidiaries, Green Core Geothermal Inc. and Bacman Geothermal Inc.
Green Core operates the 112.5-MW Tongonan 1 and 192.5-MW Palinpinon geothermal power plants in Leyte and Negros Oriental, respectively, while Bacman Geothermal handles the 150-megawatt Bacon-Manito (BacMan) geothermal power plants in Albay and Sorsogon.
The rehabilitation of these geothermal power plants is being rushed so that the plants can soon run at full capacity.”
Source: Business Inquirer