ENERGY Development Corp. (EDC), the renewable energy unit of Lopez-led First Gen Corp. (First Gen), is looking to further expand the capacity of its 150-megawatt (MW) Bacon-Manito (Bac-Man) geothermal facility in the Bicol Region.
“Here in the Bac-Man area, we are eyeing an expansion of a possible 90 MW of geothermal capacity,” EDC President and Chief Operating Officer Jerome Cainglet told a briefing last Friday.
“On top of that, we also have an ongoing construction of a 20 megawatt-hour BESS in the area as well,” he added.
“With regard to the cost … usually if it’s around $6 million per MW, that is for power plant component and resources as well. But that’s assuming you succeeded in drawing steam so what is not included yet are additional costs like those used for exploration.”
Energy Secretary Sharon Garin told the same media briefing that the government was studying a derisking facility for energy exploration activities in order to entice more local and foreign investors to come in.
“The problem with energy exploration, including geothermal, is that it is capital-intensive, especially in the exploration stage where the risk is high and you might not find any energy resource at all,” she said.
“We are trying to study on how we will be able to lower that said risk by about 50 percent in order for it to become less of a burden to possible investors.
“However, this study, and other related energy initiatives we are doing, admittedly, will not be realized during President Marcos Jr.’s term, but this goes beyond that as this is for the total energy security of the Philippines.”
First Gen shares on Friday closed at P16.84 per share, down by P0.06.
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