Philippines: EDC unit wins bid for Palinpinon-Tongonan plants
Green Core Geothermal, subsidiary of Energy Development Corp. (EDC) submitted the highest bid at an auction to acquire the 192.5-megawatt Palinpinon and 112.5-MW Tongonan geothermal power plants.
Reported from the Philippines, “A subsidiary of Lopez-led Energy Development Corp. (EDC) submitted the highest bid at an auction Wednesday to acquire the 192.5-megawatt Palinpinon and 112.5-MW Tongonan geothermal power plants, state agency Power Sector Assets and Liabilities Management Corp. (PSALM) announced.
Green Core Geothermal Inc. offered $220 million for the two Visayas-based geothermal facilities, beating rival Therma Power-Visayas Inc.’s $200 million.
Green Core is a wholly-owned subsidiary of First Luzon Geothermal Energy Corp., which is wholly owned by EDC and is the special purpose vehicle established to bid for the government power assets.”
PSALM has yet to verify the accuracy, authenticity, and completeness of the bid documents submitted by Green Core before the company can be formally declared as the winning bidder.
Located in Valencia, Negros Oriental, the Palinpinon geothermal power plant consists of two power stations–Palinpinon I and II–that are approximately five kilometers apart.
Commissioned in 1983, Palinpinon I comprises three 37.5-MW steam turbines with a total rated capacity of 112.5 MW. Palinpinon II, on the other hand, consists of three modular power plants: Nasuji, Okoy 5, and Sogongon. The 20-MW Nasuji was commissioned in 1993, while the 20-MW Okoy 5 was commissioned in 1994. Sogongon was commissioned in 1995.
The Tongonan facility, meanwhile, is situated in Kananga, Leyte province. It consists of three 37.5-MW units which were commissioned in 1983.”
Source: ABS CBN New (Philippines)