EDC to expand overseas footprint

By Lenie Lectura – July 31, 2020
from Business Mirror

Lopez-led Energy Development Corp. (EDC) said it is pursuing geothermal projects overseas and expanding its presence in Taiwan, Indonesia, Peru and Chile.

“We are also continuing with our pre-development work in Indonesia, Peru, Chile for potentially larger capacity addition,” said EDC President Richard Tantoco during the annual meeting of the company’s parent firm, First Gen Corp.

Civil works and drilling activities in Graho Nyabu, Indonesia are expected to commence in the next two to three years. Taiwan is one of the countries that EDC is keen on for potential expansion due to a favorable feed-in-tariff for geothermal energy.

EDC said Peru and Chile are also priority markets. “Generally, we see governments starting to see the value of true baseload RE (renewable energy) in the markets we are present in, and this is being reflected in better price signals to support geothermal development.”

For its Taiwan geothermal investment, EDC is exploring partnerships with local concession holders there for a possible joint venture development of a geothermal site.

EDC is the Philippines’ renewable energy leader and largest producer of geothermal energy.

In the country, Tantoco said the company is looking at several binary geothermal projects to boost its power-generation capacity.

EDC currently operates geothermal plants in Kananga and Ormoc Leyte; Valencia in Negros Oriental; Bacon in Sorsogon and Manito in Albay; and Kidapawan in North Cotabato.

Binary plants allow the company to enhance its power-generation capacity without building new power plants outside existing geothermal concessions.

Tantoco said the binary plants will expand EDC’s existing capacity particularly in Bacon-Manito in Leyte and in Mt. Apo. “We expect about up to 80megawatts of additional capacity in  the next couple of years.”

EDC is the world’s largest vertically integrated geothermal energy company, with technical expertise in wet steam field technology since 1976. It is also currently the country’s largest RE maker, providing 42 percent of the Philippines’ total generated RE output and around 11 percent of overall electricity demand with its total installed capacity of 1,473.3 MW.

Bulk of its portfolio is geothermal energy at 1,179 MW, accounting for 61 percent of the country’s total installed capacity for the energy source.

EDC’s clean energy portfolio includes 150 MW of wind, 132.5 MW of hydroelectric and 11.97 MW of solar energy.

The company also welcomed the recent pronouncements of the Department of Energy (DOE) to intensify the development of geothermal energy to achieve the targeted 35-percent mix in the country’s energy portfolio.

“Secretary Cusi also said that he has instructed his team to start preparing a formal directive to get things going, and we look forward to working with the DOE in helping craft the framework and guidelines that will be needed to accelerate geothermal development and its increased utilization, together with all other industry stakeholders.”

Energy Secretary Alfonso G. Cusi earlier stressed the need to maximize geothermal and hydro energy utilization, as these are reliable baseload power sources.

“A few days ago, I have asked my team to prepare a formal DOE order on initiatives and guidelines that would promote geothermal energy. And as soon as it is on my desk, I will sign the order right away,” said Cusi.