Energy Development Corporation (EDC), led by the Lopez Group, is actively expanding its geothermal power generation capacity in the country with two identified prospects that are slated for drilling in the next year
In a report by BusinessWorld, EDC president and chief operating officer, Richard B. Tantoco stated that the renewable energy subsidiary of First Gen Corporation is currently undertaking the construction of seven new facilities, with the projects expected to continue into the next year.
EDC has outlined its plans to conduct drilling activities in two new exploration areas by the end of 2024. One of the identified locations is Amacan in Mindanao, and the second area is referred to as “Mandalagan.”
Tantoco also shared that EDC has a pipeline of projects comprising four power generation projects with a total capacity of 90 MW, as well as three battery energy storage systems, with a potential capacity of 40 MW.
The investments for the mentioned projects total Php 26 billion and Php 27 billion,
EDC’s Palayan Bayan, a 28.9 MW capacity project, is set to be operational by August or October this year. Mindanao 3, with a capacity of 3.6 MW, was inaugurated last year. These are binary power plants that utilize existing geothermal resources for energy generation, eliminating the need for new drilling.
The 20 MW Tanawon project and the 28 MW Mahanagdong geothermal brine optimization plant are seen to begin commercial operations in the coming years.
The company has offshore wind concessions in Guimaras, Iloilo, and Negros Occidental, with a combined capacity of 3 GW. These projects are planned for development by 2030.
In other developments, Tantoco clarified that the company is not completely withdrawing from its Peru geothermal project. Instead, they are actively seeking a suitable partner, preferably a local company, to collaborate with on this venture.
In a disclosure to the Philippine Stock Exchange last May 26, First Gen announced that its subsidiary, Energy Development Corporation Peru S.A.C., has decided to halt exploration and development operations in Peru. This decision was made in response to prevailing “political and market factors,” as stated by the subsidiary’s board of directors and stockholders.
EDC’s renewable energy (RE) portfolio has an installed capacity of 1,480.91 MW, with geothermal sources contributing 1,185.40 MW of that total.
