Petroenergy Resources Corp disclosed to the Philippine Stock Exchange (PSE) that they would undertake a stock rights offering in order to finance their foray into the emerging renewable energy sector. The company is initially known to be as an oil exploration company with oil prospects in the Philippines and Gabon Africa. With their entry into renewable energy generation they plan to setup a subsidiary for this venture that will have a capitalization of P200 M.
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The Lopez Group’s Energy Development Corp (EDC) announced that they are seeking geothermal projects in the country of Kenya in Africa. They have received an invitation to bid for geothermal projects and are currently studying whether it is a feasible endeavor or not.
One of the main targets of the company for 2010 is to strengthen its presence in the international market which will lead to more income generation. There had been rumors that EDC had bid for a geothermal drilling project in Chile. What EDC however has confirmed was that they were eyeing expansion in South Asia and in the Middle East.
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Former Senate Leader and current Presidential Candidate, Sen. Manny Villar, submitted a resolution (Senate Resolution 1531) last Dec 16. 2009 before Congress in support of private investment to develop frontier geothermal sites in the Philippines. Geothermal Frontier areas are those unexplored geothermal sites that the government has no resource data on.
The main purpose of this is to avert the energy crisis in the island of Mindanao which could curtail the Rural Electrification Program of the country.
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The Lopez Group’s, Energy Development Corp, through their subsidiary Green Core Geothermal Inc. (GCGI), disclosed to the Philippine Stock Exchange, that they were pre-paying to the government’s Power Sector Assets and Liabilities Management Corp. (PSALM) over $123.8 million for the purchase of the Panlinpinon and Tongonana geothermal power plants.
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Last Thursday the Philippine Department of Energy (DOE) was packed by interested bidders for the round of Geothermal Energy Contracts that they were giving out. The department received about 24 bids from 13 companies for only 10 contracts being offered out. The department is expected to announce next week those who have qualified for those contracts.
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The Department of Energy announced that they are putting up 8 potential Geothermal sites for public auction next quarter. They are currently in the process of preparing the bidding guidelines before they will send out the invitation to interested groups.
They had identified only 2 of the 8 sites to the press. Of the two sites, one is in Laguna and the other in Camarines. One has the potential to produce 40MW of electricity while the other 50MW.
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