Energy firm eyes P13-billion geothermal expansion, targets Mindanao sites

Lopez-led Energy Development Corp. (EDC) is set to invest P13 billion to expand its geothermal portfolio, with Mindanao identified as a key growth area.

EDC President and Chief Operating Officer Jerome Cainglet said the company is in talks with banks for possible funding, which could raise the investment ceiling to P27 billion to support ongoing and future projects.

The planned expansion targets 70 to 120 megawatts (MW) of new capacity in Mindanao, with Amacan being studied as a potential site. EDC expects to confirm the commercial viability of the project by next year, with construction taking two to three years if greenlit.

In recent years, EDC has been ramping up its renewable energy output. In 2022, it inaugurated the 3.6 MW binary expansion of its Mindanao geothermal power plant in Mount Apo. Just last week, it energized the 22 MW Tanawon power plant in Sorsogon City, expected to produce 159,000 megawatt-hours annually.

The company currently operates about 1,189 MW of geothermal capacity, accounting for 56 percent of the Philippines’ installed geothermal power. The new projects form part of EDC’s strategy to further strengthen its leadership in renewable energy production.