The Department of Energy (DOE) is set to approve five more geothermal projects of Energy Development Corp. (EDC), including two in Northern Mindanao
EDC, the geothermal development unit of Lopez-led First Gen Corp. has pending application for some 110 megawatts (MW) worth of geothermal projects.
The two geothermal areas in Region 10 are: Mt. Ampiro in Misamis Occidental (30 MW) and Balingasag in Misamis Oriental (20 MW). Other areas are Lakewood in Negros Occidental (40 MW); Mandalagan in Negros Occidental (20 MW)) and Mt. Zion in North Cotabato (still to be determined capacity).
EDC earlier bagged the service contracts for the Mt. Labo in Camarines Norte and Mt. Mainit geothermal in Davao del Norte.
The company is aggressively improving its geothermal drilling capabilities to support its capacity expansion. It recently purchased a new drilling rig worth P1 billion which will save the company about $40,000 a day.
EDC is the largest onshore drilling contractor in the Philippines as it has been exporting its drilling services since 1997. It is also the largest geothermal producer in the country with an installed capacity of 1,149.4 MW, accounting for 60 percent of the country’s total geothermal capacity.
First Gen president Federico Lopez earlier said they are eyeing to spend around $1.5 billion for the expansion and construction of new power plants over the next three to five years.