The Energy Development Corporation (EDC) looks to invest $1 billion to drill new wells to expand its geothermal output to ensure its company’s sustained operations in the next years.
In a report by the Philippine Star, EDC vice chairman and CEO Francis Giles Puno said that the excess of around $500 million would be allocated to drill 40 new wells in sites in Leyte, Albay, Sorsogon, and Mt. Apo over the next three years.
The investment for the drilling would allow EDC to ensure that it “could continue to extract sustainable steam from the ground.”
Puno ensures that the drilling will be sustainable and that EDC’s main focus in the next three years is to ensure it delivers the amount of geothermal resources to its customers.
On top of the drilling projects, Puno added that EDC will invest $500 million for the expansion of its geothermal output.
EDC provides 61% of the country’s total installed geothermal capacity.