News

Marubeni partners with Enel Green Power on geothermal development in the Philippines

Bonifacio Global City, Taguig City, Metro Manila, Philippines (source: flickr/ Roberto Verzo, creative commons)
Alexander Richter 3 Jun 2015

Marubeni and Enel Green Power plan to spend $238 million to build a 100 MW geothermal plant in the Philippines by 2020

Exciting news form the Far East, where the Japanese corporation Marubeni will be partnering with Italian Enel to build and operate geothermal power plants in the Philippines according to Nikkei.

Both firms are “looking to team up with a Philippine company that owns resource development rights in the country and set up a joint venture company. The two companies are planning to start exploratory drilling within the year.” said CBN News in the Philippines.

This same source also states that “their initial plan is to spend around 20 billion to 30 billion yen (around $159 million to $238 million) to build the first plant with an output of more than 100,000 kW by 2020, Nikkei said.”

Source: CBN News