MANILA, Philippines - First Luzon Geothermal Energy Corp., a wholly-owned unit of the Lopez-led Energy Develpment Corp., has raised its capitalization to P1 billion from a meager P1 million.
Documents filed with the Securities and Exchange Commission (SEC) show that P250 million out of the new authorized capital stock has been subscribed and paid up.
FLGEC was incorporated in 2008 to own and operate geothermal power plants. Its wholly-owned unit Green Core Geothermal Inc. bagged the Tongonan and Palinpinon plants which were put on the auction block by the government.
The Palinpinon plant, located in Negros Oriental, has a capacity of 192.5 megawatts while the Leyte-based Tongonan plant generates 112 MW.
Green Core has signed a 10-year power supply agreement with the Capiz Electric Cooperative to supply 12 megawatts of power from its two geothermal power plants.
Early this year, Green Core inked long-term power supply deals with the Aklan Electric Cooperative and Iloilo Electric Cooperative.
The Energy Regulatory Commission said geothermal plants are major sources of electricity in the country, noting that the Philippines is the second largest producer of geothermal energy in the world after the US.