EDC keeps robust portfolio of green energy projects

MANILA, Philippines - Energy Development Corp. (EDC), the renewable energy arm of the Lopez Group, maintains a robust portfolio of green energy projects around the country.

In a filing to the local stock exchange, EDC said it holds seven service contracts for geothermal power ventures and three for wind projects.

EDC said it holds the service contracts for the Leyte geothermal production field in Tongonan, Leyte; Southern Luzon geothermal production field in Palinpinon, Negros Oriental; Bacon-Manito geothermal production field in Bacon, Sorsogon and Manito, Albay; Mindanao geothermal production field in Ilomavis, Kidapawan City; and Northern Negros geothermal production field in Negros Occidental.

In February, EDC hired French power giant Alstom to repair the 150-megawatt (MW) Bacon-Manito (BacMan) geothermal power plant last Feb. 15. In May 2010, EDC subsidiary Bac-Man Geothermal, Inc. won the auction for the BacMan geothermal power plant with an offer of $28.25 million.

The listed energy producer said it is also in charge of the Labo and Mainit geothermal projects in Camarines Norte and Surigao del Norte, respectively.

“It is certified that the geothermal renewable energy service contracts are valid and subsisting and that EDC is in compliance with its obligations and has no pending violation with the Department of Energy (DOE),” the Renewable Energy Management Bureau of the DOE said.

However, DOE said the Mt. Cabalian geothermal project in Southern Leyte is still subject to a revised feasibility study of EDC prior to being granted a certification.

For wind projects, EDC said its existing service contracts are the 86-MW Burgos wind power project and the Balaoi-Pagudpud wind project that are both in Ilocos Norte, and Camiguin wind power project.

Holders of service contracts are allowed to conduct a two-year feasibility study to determine if the project will be pursued up to commercial operations.

Early this month, EDC said it surrendered to the DOE its service contracts for three wind energy projects in Taytay, Dinagat and Siargao given the lack of commercial viability.

EDC is the largest producer of geothermal energy in the Philippines, with an aggregate capacity of 1,130 MW. It is also the largest integrated geothermal power company in the world.

EDC and Australian partner Hot Rock, Ltd. control a 70-percent stake in four geothermal projects in Chile and Peru.

Aside from geothermal and wind power projects, the company also owns and operates the 132-MW Pantabangan-Masiway hydroelectric plant.

The DOE wants to update the data on the country’s potential for wind energy projects as some of the 227 exploration projects proved to be not feasible for commercial operations.

A study of the US Department of Energy way back in 2009 said the Philippines has the potential to produce 76,000 MW through wind energy in different areas of the country.