MANILA, Philippines — Vitality Improvement Corp. (EDC) of the Lopez Group is heating up the ability recreation with a daring P18-billion funding for its geothermal drilling program this yr.
First Gen Corp. vp and EDC chief finance officer Erwin Avante confirmed this growth to The STAR.
EDC, a subsidiary of First aGen, plans to drill 19 new geothermal wells, execute re-entry operations and perform a number of workovers.
The enlargement is anticipated so as to add 141 megawatts (MW) of latest capability to EDC’s portfolio, strengthening its place because the main geothermal participant within the Philippines.
The drilling program can also be geared toward reinforcing the nation’s provide amid “rising demand for sustainable energy options,” EDC mentioned.
Geothermal vitality is a clear supply of baseload provide, or the minimal quantity of electrical energy wanted on the ability grid to satisfy fixed demand.
Presently, EDC owns and operates 13 geothermal energy vegetation with a mixed capability of about 1,200 MW. That is equal to roughly 60 % of the nation’s geothermal capability.
EDC president and COO Jerome Cainglet mentioned 24 geothermal wells had been drilled in 2024, essentially the most the corporate has achieved in a single yr since its privatization in 2007.
“Past being a exceptional achievement in itself, our 2024 drilling success reinforces {our capability} to ship complicated operations at scale and lays a powerful basis for even better ventures forward,” Cainglet mentioned.
EDC can also be taking its geothermal experience past the Philippines, with plans to develop two greenfield tasks in Indonesia.
With an estimated funding of $456 million, the 2 geothermal tasks have a complete potential capability of 80 MW.
That is aligned with First Gen’s purpose of attaining 13,000 MW of low-carbon vitality capability by 2030 and solidifying EDC’s place as a world chief within the inexperienced vitality house.
