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Lopez-led Energy Development Corp. (EDC) is planning to invest ₱13 billion to expand its geothermal energy portfolio as part of its ongoing efforts to scale up renewable energy capacity.
In an interview with EDC President and Chief Operating Officer Jerome Cainglet, he explained that the company is already discussing funding to potentially increase its project developments.
“For our group projects this year, I think we expect around ₱13 billion, but we plan to raise up to ₱27 billion. As soon as we need it, we have ready facilities anyway, and we have ongoing [discussions] with the banks,” he told reporters.
According to Cainglet, the company is currently exploring potential geothermal sites in Mindanao, as it plans to build 70 to 120 megawatts (MW) worth of new capacity in Mindanao.
“Hopefully, by next year, we will be able to say we can develop a facility in Amacan, Mindanao,” he shared.
“If we are able to confirm by next year that it’s commercially feasible, then [it will be] another two to three years to construct.”
In 2022, EDC inaugurated the binary expansion of the 3.6 MW Mindanao geothermal power plant, which is an extension of its existing Mount Apo geothermal project.
Last week, the RE firm energized the 22 MW Tanawon power plant in Sorsogon City, and is anticipated to generate a net annual output of 159,000 MWh.
EDC commits ₱13 billion in RE projectsCurrently, EDC has about 1,189.34 MW worth of geothermal power portfolio, and accounts for 56 percent of the overall installed geothermal power capacity of the Philippines.
