Green Core Geothermal Inc. announced that they will supply 58 megawatts (MW) of geothermal based power to 7 electric cooperatives in the islands of Leyte and Negros.
The energy will come from the 112.5MW Tongonan 1 geothermal power plant (Leyte) and the 192.5MW Palinpinon geothermal power plant (Negros Oriental). The said power plants were bought by Green Core from the government in 2009.
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PetroEnergy Resources Corp. (PERC) announced that it was pushing through with its 40MW Maibarara geothermal project after an ECC was issued by the Department of Environment and Natural Resources (DENR). Maibarara is located at Calamba, Laguna and Sto. Tomas, Batangas.
PERC is expecting to commission the first 20 MW integrated steamfield and power plant by late 2013. PERC will develop the said geothermal project together with Trans-Asia Oil and Energy Development Corp. and PNOC – Renewables Corp.
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3 companies are set to sign a Joint Venture Agreement on May 19 for the development of a geothermal energy at Mt. Makiling. These three companies are Petrogreen Energy Corp., Trans-Asia Oil and Energy Development Corp., and PNOC-Renewables Corp.
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The Lopez Group’s Energy Development Corp is set to have 5 geothermal development contracts approved by the Department of Energy.
The 5 areas are said to be able to produce about 110 MW plus of geothermal based energy. The 5 areas are located at Mt. Ampiro in Misamis Occidental (30 MW), Balingasag, Misamis Occidental (20 MW), Lakewood in Negros Occidental (40 MW), Mandalagan in Negros Occidental (20 MW)) and Mt. Zion in North Cotabato (capacity unknown).
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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.
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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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