Philippine National Oil Co. (PNOC) subsidiary, PNOC-Renewables Corp (PNOC-RC) along with its private partner, Magma Resources, has acquired two new geothermal exploration contracts. The contracts are located in Northern Luzon and were awarded by the Department of Energy (DOE). These are the 20 MW Mainit-Sadanga and the 20 MW Buguias-Tinoc geothermal prospects. These two sites are projected to have an investment potential worth $120 million.
The PNOC had already left the Geothermal energy business when it sold its geothermal subsidiary, the PNOC-EDC to the Lopez Group and is now known as the Energy Development Corp. With the acquisition however of the exploration contracts by PNOC-RC, they now find themselves once again in the geothermal energy business.
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Category: Investing, Geothermal
