ENERGY Development Corp., the country’s biggest producer of geothermal energy, has committed to pour in some P50.2 billion to further develop its five existing geothermal service contract areas over the next five years.
The contracts for these areas have been recently converted by the Department of Energy into renewable energy service contracts, which would allow the Lopez-led firm to tap the incentives provided under the Renewable Energy Law.
The fiscal and non-fiscal incentives included a seven-year income tax holiday.
Documents from the DOE showed that the bulk of the spending or about P22.7 billion would be allocated for the 112.5-megawatt (MW) Tongonan 1 geothermal power plant in Leyte, while another P6.74 billion would be used for the 192.5-MW Palinpinon facility in Negros Oriental.
It was only late last month that EDC assumed the operations of the two power plants after winning the bidding in September. Its $220-million bid edged out the Aboitiz group’s offer of $200 million.
Read more: http://business.inquirer.net/money/topstories/view/20091108-235038/Lopez-firm-earmarks-P502B-to-develop-geothermal-areasWant to help with Global-Warming? Please visit http://www.whiteearth.org
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