ENERGY DEVELOPMENT Corp. (EDC), the renewable energy arm of Lopez-led First Gen Corp., has obtained rights to explore and drill for two greenfield geothermal projects in Indonesia, the company said on Wednesday.
Indonesia’s Ministry of Energy and Mineral Resources awarded to EDC the preliminary survey assignments plus exploration for the Koto Sani Tanjung Bingkung and Bora Pulu geothermal projects, the company said in a statement.
Each of the Koto Sani Tanjung Bingkung and Bora Pulu geothermal areas has an estimated potential capacity of 40 megawatts (MW) and both would require a total investment of $456 million.
“This achievement marks a significant milestone in realizing EDC’s mission to forge collaborative pathways to a decarbonized and regenerative future, not only in the Philippines but in the region as well and beyond,” said Jeff Aban Caranto, EDC’s head of business development-international.
EDC said that the development aligns with its growth strategy as part of the 13,000-MW low-carbon energy portfolio of First Gen targeted by 2030. Of the total, 9,000 MW will be from renewable energy.
Indonesia is the world’s second-largest geothermal producer with a capacity of more than two gigawatts (GW), according to the Asian Development Bank.
The Philippines, which places third, produced an installed geothermal energy capacity of nearly two GW last year, with an estimated potential geothermal capacity of 4.2 GW.
In July, EDC officially introduced its 28.9-MW Palayan Binary Geothermal Power Plant (PBGPP) in the province of Albay, as part of the expansion of its existing 140-MW Bacon-Manito (Bac-Man) facility.
PBGPP is one of the four geothermal projects in the company’s pipeline. Others are the 28-MW Mahanagdong Binary in Leyte, 20-MW Tanawon Binary in Bacman, and the 5.6-MW Bago Binary in Negros Occidental.
EDC has allocated an investment of about $400 million for these projects with a total capacity of 83 MW that are expected to come online this year.
At present, it has an installed capacity of 1,480.19 MW, accounting for about 20% of the country’s total installed renewable energy capacity. — Sheldeen Joy Talavera
