EDC and Two Chinese Firms Ink Agreement on Power Plant
Energy Development Corporation (EDC), one of the country`s largest geothermal power producers, has teamed up with two Chinese companies to build a 105-megawatt (MW) geothermal power plant in Mindanao.
The two firms, China Energy Engineering Corp. Ltd. (CEEC) and Sumec Complete Equipment & Engineering Co. Ltd. (Sumec), signed a contract with EDC for the engineering, procurement, and construction (EPC) of the power plant.
The project is expected to cost around $900 million and will be located in the central province of Bukidnon. It will be the largest single capacity geothermal power plant in the country.
The geothermal power plant is expected to increase the country`s renewable energy capacity and provide a reliable source of electricity to power the country`s growing economy.
The agreement is part of the Philippine government`s plan to increase the country`s renewable energy capacity to 50% by 2030. With the completion of the Bukidnon geothermal power plant, the country`s renewable energy capacity is expected to increase by 1.5%.
Geothermal energy is considered a reliable and sustainable source of energy because it is a continuous and predictable source of power. Geothermal power plants are also known to have a small environmental footprint and minimal greenhouse gas emissions.
The partnership between EDC and the two Chinese firms is expected to bring together the best of Filipino and Chinese engineering and construction expertise to deliver a world-class geothermal power plant.
According to EDC President and Chief Operating Officer Richard Tantoco, the partnership is a testament to the company`s commitment to supply the country with clean and renewable energy while supporting the government`s efforts to promote economic development.
The Bukidnon geothermal power plant is expected to be completed by 2023 and is set to contribute significantly to the country`s renewable energy goals.