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PIA Press Release
2009/10/29

EDC-GCGI assumes operation of 2 geothermal plants

By Jennifer Catan-Tilos

Dumaguete City (29 October) -- The Energy Development Corporation (EDC)- Green Core Geothermal Inc (GCGI) on Oct 26 took over operations of the Palinpinon-Tongonan geothermal plants.

The 192.5-megawatt (MW) of Palinpinon and Tongonan's 112.5 MW geothermal plants were turned-over to Oscar Lopez of EDC after it paid P3.9 billion worth of check to Jose Ibazeta of Power Sector Assets and Liabilities Management Corp. (Psalm).

The Green Core Geothermal Inc. (GCGI) acquired the two plants in Negros Oriental and Leyte in an auction conducted by Psalm on September 2 when it submitted the highest complying financial bid of $220 million.

GCGI is a subsidiary of First Luzon Geothermal Energy Corp., which is wholly owned by EDC.

According to EDC Vice-President Danilo Catigtig the amount paid is representing 40 percent of the purchase price and $7 million for the purchase orders, rental, option price, performance security deposit on land lease, and industrial all-risks insurance policy and comprehensive general liability.

The remaining balance, EDC is tapping Psalm's staple financing scheme allowing deferred payments of up to seven years in 14 equal semi-annual installments.

Catigtig said that the turnover of the Tongonan and Palinpinon power plants fully integrates the value chain of EDC's geothermal business from steam production to power generation.

In a turnover ceremony, Valencia Mayor Rodolfo Gonzalez said as host town of Palinpinon geothermal this is a welcome development and EDC is still the local government unit's partner.

"I expect that we will have a better working relationship with EDC now and we welcome that in Valencia. It doesn't matter who owns it," the mayor said. (PIA/jct) [top]

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