Lopez-led Energy Development Corp. (EDC) said the pandemic has delayed some of its geothermal exploration activities in other countries but it is still keen on pursuing opportunities overseas.
“Although the Covid situation and the accompanying travel restrictions have caused some delays in EDC’s activities in Indonesia and Taiwan, the company continues to be keen on those markets,” the company said.
Aside from Indonesia and Taiwan, EDC is expanding its presence in Peru and Chile. “EDC is also continuing with its pre-development activities in its geothermal concessions in Indonesia, Chile and Peru,” it added.
Taiwan is one of the countries that EDC is currently looking at for potential expansion due to a favorable feed-in-tariff for geothermal energy. EDC is exploring partnership with local concession holders there for a possible joint venture development of a geothermal site.
Civil works and drilling activities in Graho Nyabu, Indonesia are expected to commence in the next few years, EDC President Richard Tantoco said earlier.
EDC is the Philippines’ renewable energy leader and largest producer of geothermal energy.
The company has set aside $280 million in capital expenditure (capex) this year to catch up on its drilling and investments, as the pandemic resulted in the postponement of key activities last year.
This figure also includes the capex for the development of EDC’s 3.6MW Mindanao 3 and 29MW Palayan Bayan projects.
Binary plants allow the company to enhance its power-generation capacity without building new power plants outside existing geothermal concessions.
The binary plants will expand EDC’s existing capacity particularly in BacMan, in Leyte and in Mt. Apo.
EDC currently operates geothermal plants in Kananga and Ormoc Leyte; Valencia in Negros Oriental; Bacon in Sorsogon and Manito in Albay; and Kidapawan in North Cotabato.
EDC is the world’s largest vertically integrated geothermal energy company, with technical expertise in wet steam field technology since 1976.
It is also currently the country’s largest RE maker, providing 42 percent of the Philippines’ total generated RE output and around 11 percent of overall electricity demand with its total installed capacity of 1,473.3 MW. Bulk of its portfolio is geothermal energy at 1,179 MW, accounting for 61 percent of the country’s total installed capacity for the energy source.
Other sources in EDC’s clean energy portfolio include 150 MW of wind, 132.5 MW of hydroelectric and 11.97 MW of solar energy.
Article and Photo originally posted by Business Mirror last May 25, 2021 and written by Lenie Lectura.
About Post Author
More Stories
RRHI first quarter core earnings rise to P1.2 B
BCDA remits P1.1 billion to national coffers
Consunji Group seals deal to buy 90% of Cemex PH for $305.6 M