EDC to complete two geothermal projects by 2022
Energy Development Corp. (EDC) expects to complete two geothermal projects by 2022, with the 3.6 MW Mindanao 3 and 29 MW Bac-Man plants in the Philippines.
In a press release this week, FIRST GEN Corp. reported that its subsidiary Energy Development Corp. (EDC) plans to complete two of its geothermal projects by 2022. First Gen continues its plans to expand businesses complementing its power generation operations.
In its annual report, First Gen said that EDC is expecting to begin the construction of its 3.6 MW Mindanao 3 binary plant by the first quarter this year, and complete the project by the first half of 2022.
It added that it plans to complete its 28.9-MW ORC (organic rankine cycle) binary plant within the Bac-Man geothermal facility by the second half of 2022, we reported on it. The Palayan Bayan-based binary plant will produce power using residual brine from the existing steam field of the Bac-Man facilities.
In its regulatory filing, First Gen also reported on efforts on new hydropower plants, pumped-storage, natural gas and othe projects.
The company added that it is continuing to explore and assess growth prospects in Indonesia, Chile, Peru, and other countries in the Asia-Pacific and Latin American regions.
Last month, the Lopez group’s power generation arm said that its attributable net income to equity holders declined by 7% to P13.7 billion last year, citing a drop in electricity sales and lower earnings from its natural gas portfolio.
As of end-2019, the firm recorded a total installed capacity of 3,492 MW from its natural gas, geothermal, hydro, wind, and solar portfolios.
Source: First Gen release via BW Online