Lopez Holdings

 

EDC bags geothermal plant package for US$ 220M
ENERGY Development Corporation(EDC) won the government bidding on September 2 for the 192.5-megawatt Palinpinon and 112.5-MW Tongonan geothermal plants with an offer of 0 million for both facilities.


EDC, through Green Core Geothermal Inc., made the offer when state-owned Power Sector Assets and Liabilities Management Corporation (Psalm) auctioned off both facilities. Green Core is a wholly owned subsidiary of First Luzon Geothermal Energy Corporation, which in turn is a wholly owned subsidiary of EDC.

Psalm will formally hand over to Green Core the Palinpinon and Tongonan power plant facilities in the last quarter of the year.

The losing bidder, the Aboitiz Group, came up with 0-M offer for both plants.

Steam from EDC's geothermal production fields serves as fuel to run several geothermal power generation facilities, including the Palinpinon power plant in Valencia, Negros Oriental, and the Tongonan power facility in Kananga, Leyte. With the addition of the 305-MW total installed capacity of both plants, EDC's installed generation capacity went up from 744 to 1,049 MW.

EDC is a subsidiary of First Gen Corporation, the holding company of the Lopez Group for energy and also the country's leading clean and renewable energy firm.

First Gen's thrust is to use clean, renewable and indigenous fuel to run its power plants. Thus, to date, over 90% of the 2,582-MW installed capacity of First Gen power plants run on clean, renewable and indigenous fuel. (Joel Gaborni) 

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