MANILA, Philippines — Lopez-led Energy Development Corp. (EDC) has secured a grant from the US Trade and Development Agency (USTDA) for a feasibility study on a planned geothermal power project in Mindanao.
EDC’s Amacan geothermal project is seen having a capacity of approximately 50 megawatts (MW).
The power plant is expected to reduce dependence on fossil fuel-based power generation and reduce greenhouse gas emissions.
EDC has secured exclusive rights for geothermal power at the Amacan site, located on the eastern coast of Mindanao.
“Geothermal energy has been providing the Philippines with baseload renewable energy and helping our country avoid at least a million tons of carbon emissions each year compared to coal,” EDC president and chief operating officer Richard Tantoco said.
“We need more of 24/7 geothermal energy in order to decarbonize our energy sector and help achieve a net zero country,” he said.
The feasibility study will help EDC confirm geothermal resource availability and conduct initial technology and financial assessments for project implementation.
“The Philippines is already among the world’s renewable energy leaders. Its potential capacity for geothermal, wind, solar, and hydroelectric power is significant. By partnering with EDC, USTDA is enthusiastic about bringing additional renewable energy resources online so that people across the Philippines have a clean and reliable source of power,” USTDA director Enoh Ebong said.
Ebong said USTDA’s assistance would also catalyze private sector investment in geothermal technologies that US companies are well positioned to supply.
In line with the grant, EDC is inviting submission of qualifications and proposal data from interested US firms that are qualified on the basis of experience and capability to do the feasibility study.
Deadline of submission of proposals is set on Dec. 9.
The US company that will be selected will be paid $413,120 from the USTDA grant.
EDC has been a pioneer in generating 100-percent clean, renewable, and reliable power for over 40 years and is the largest diversified renewable energy producer in the Philippines.
With power plants all over country and a total installed capacity of almost 1,500 MW, EDC generates over 40 percent of the Philippines’ renewable energy output and meets about 10 percent of the country’s overall electricity demand.
The company is committed to advancing sustainability by employing new technologies to reduce its environmental footprint while optimizing operations.