New Solar and Wind contracts for EDC

Author: Darvin Tocmo  Date Posted:20 October 2014 

Energy Development Corp. (EDC) is set to further expand its presence in the renewable energy sector following the receipt of new contracts for the development of wind and solar projects. The Energy department granted one solar energy service contract and six wind energy contracts to the Lopez-controlled company, according to a disclosure on Friday. The Solar project – which will serve as the company’s first venture into this kind of energy resource – will be built in Burgos, Ilocos Norte. EDC is currently building a 150-megawatt (MW) wind farm in the same location. The first 87-MW capacity of which is scheduled to start commercial operations by the end of this year, while the second is slated for an early 2015 operations. The company also secured contracts for two wind projects in Iloilo – one on site straddling Batad and San Dionisio, and another in Concepcion. Three wind projects are also eyed in Matnog, Sorsogon; while another is planned on a site along the Manapla and Cadiz City boundary in Negros Occidental. Capacities of these projects have yet to be determined. EDC is the largest producer of geothermal energy in the Philippines. It operates 12 power facilities in five geothermal service contract areas. The company last month switched on its 49.4-MW Nasulo geothermal plant in Negros Oriental. The power project serves as the replacement for its 49-MW Northern Negros geothermal plant in Negros Occidental, which was shut down in 2011 due to regressed steam production and impairment losses. To utilize the remaining facilities and assets of geothermal plant, EDC’s board approve the transfer of such assets and operate the new project in Negros Oriental. EDC, through First Gen Hydro Power Corp., also operates the 132-MW Pantabangan-Masiway hydro power plant in Nueva Ecija. Shares of the company gained seven centavos or 0.97% to end at P7.31 on Friday.   Find more information at: http://www.bworldonline.com/content.php?section=Corporate&title=edc-wins-new-solar,-wind-contracts&id=96259