"We’re looking at Agus 3. We expect the electric cooperatives or distribution utilities to be our off-takers in northern and possibly elsewhere. Off-takers would not be a problem in Mindanao," CalEnergy business development executive Raymond Cunningham told reporters over the weekend.
Cunningham said they expect to invest about $300 million to finance this proposed project.
"Where the Philippines needs power we would be looking to see if we could find something to develop," he said.
At present, Napocor operates the Agus complex. But the existing complex does not include Agus 3. The complex includes: Agus 1 (2 x 40 MW) in Marawi City in Lanao del Sur, Agus 2 (3x60 MW) in Saguiaran, Lanao del Sur, Agus 4 (3 x 52.7 MW) in Baloi, Lanao del Norte, Agus 5 (2 x 27.5 MW) in Ditucalan, Iligan City, and Agus 6 (2 x 25 MW and 3 x 50 MW) in Fuentes, Iligan City.
Aside from Agus 3, Cunningham said they are also looking at putting up a small hydro power project in Luzon.
"One project we are pursuing is the Balintingan, which is a major dam in southern Nueva Ecija. It was studied in the early 80s, and we have a joint memorandum of understanding with MWSS and NIA to see if we can make that project go," he said.
He said they expect to complete the study within the year. "It would have a small power not big probably 40 to 50 megawatts," he said.
Cunningham said they are also interested to bid for the geothermal power plants of Napocor but they would want to focus more on hydro projects where they have expertise.
"Yes, we’re interested in Tiwi-Makban, but that’s a bit complicated. We’re waiting for them (PSALM) to release all the bids," he said.
CalEnergy also operates the 130-megawatt Upper Mahiao geothermal power plant, the 240-megawatt Malitbog geo-thermal power plant, and the 155-megawatt Mahanagdong geothermal power plant.
Last week, CalEnergy signed an agreement with the government for the turnover of the Upper Mahiao geothermal power plant on June 25 this year.
CalEnergy is one of the leading international power firms in the development and production of energy from diversified fuel sources including geothermal, natural gas and hydroelectric.
Based in California, CalEnergy was founded in 1971 to provide consulting and development services for geothermal power production facilities in North America.
In the late 1970s, when the company recognized the many opportunities presented by emerging industry deregulation in the US, CalEnergy began the transition from a service provider to an independent power producer.