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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Green Core Geothermal Inc, a subsidiary of First Luzon Geothermal Energy Corp., which is owned by the Lopez Group’s Energy Development Corp (EDC) recently bagged the Panlinpinon-Tongonana geothermal plant during public auction by the PSALM.
Their bid of $220 million beat out the Aboitiz Groups’s $200 million offer, solidifying further their hold as the Philippine’s number one producer of Geothermal energy.
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Chinese Ambassador Liu Jianchao said that China was looking to invest in the renewable energy sector of the Philippines. Primarily in geothermal, wind and solar energy. They were looking for joint venture opportunities in the emerging renewable energy industry.
Aside from that, he also said that they were working on continued investment in the country’s infrastructure, mining, farming, telecommunication and education sectors as well.
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Chevron Geothermal Philippines Holdings Inc. (CGPHI) president and general manager, Antonio Yee, said that they are planning to set up new geothermal power plants in the Philippines, instead of bidding on existing ones. In line with this, they have also expressed interest in bidding for geothermal exploration blocks that the Department of Energy (DOE) gives out.
This decision seems to have been aided in part by the passage of the Philippine Renewable Energy Act, which gives fiscal and non monetary incentives to investors who are willing to setup renewable energy projects in the country.
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