Bacman Geothermal, Inc. (BGI), a wholly owned subsidiary of geothermal leader Energy Development Corporation (EDC), has achieved closing on the 150-MW Bacman geothermal power plant acquisition after remitting to PSALM on September 3 the sum of PhP1,279,725,000 representing full payment of the purchase price for the power facilities. The turnover followed BGI’s submission of the highest offer price for the Bacman plants in a competitive bid conducted by PSALM last May 5 and its successful completion of the conditions precedent required in the Asset Purchase Agreement (APA).
“Our main focus now is to rehabilitate these plants and restore capacity and reliability factors to 100 percent to add clean, reliable and much needed power to the Luzon grid,” EDC President and COO Richard Tantoco said.
Located in the towns of Bacon, Sorsogon and Manito, Albay in the Bicol region, the BacMan plant package consists of two steam plant complexes. The BacMan I geothermal facility comprises two 55-MW turbines, which were both commissioned in 1993. BacMan II, on the other hand, consists of two 20-MW units namely, the Cawayan located in Barangay Basud and the Botong in Osiao, Sorsogon City. The Cawayan unit was commissioned in 1994 and the Botong unit in 1998. EDC supplies the steam fuelling these plants.
“The acquisition of NPC’s geothermal power plants is one of our major platforms for future growth. With the turnover of the Bacman power plant, we are now fully integrated across the geothermal value chain. This vertical integration will result in a seamless and more efficient operations,” Tantoco added.
The Bacman plants boost EDC’s current portfolio of geothermal power generation assets to 1,199 MW. EDC also acquired the 112.5-MW Tongonan and 192.5-MW Palinpinon geothermal plants auctioned by PSALM last year.
EDC’s other geothermal power generating assets are the Unified Leyte plants consisting of the 125-MW Upper Mahiao, 232.5-MW Malitbog, 180-MW Mahanagdong and 51-MW Optimization plants, the 106 MW Mindanao 1 and 2 plants in Kidapawan, Cotabato, and the 49-MW Northern Negros geothermal plant in Negros Occidental.
The Energy Development Corporation (EDC) is a pioneer in generating 100% clean, renewable, and reliable power as an electricity supplier in the Philippines for over 40 years. With power plants all over Visayas and Mindanao, the company is one of the biggest producers of geothermal energy in Asia and is expanding its reach in the international market, allowing it to offer customers affordable energy rates. EDC also strives to provide the best customer service it can to all its clients by having helpful salespeople and easy to understand contracts. Because of all of this, it is poised to become the premier supplier of electricity for the Philippines’ Green Energy Option Program. EDC takes its mission as a renewable energy provider seriously and goes beyond sustainability by investing in programs that enhance the environment and empower its partner communities, thereby fostering regenerative development. The company has also been working toward being carbon-neutral by improving its energy efficiency, as well as implementing various greening projects to ensure that its mission to provide future generations with a better life remains intact.