MANILA - Lopez-led electricity producer Energy Development Corp. (EDC) has announced that it will participate in the bidding for the Palinpinon-Tongonan geothermal plant package next month.
EDC President Paul Aquino said the company has been looking at possible sources of financing should it win the bidding on August 12.
"We will participate in the bidding on August 12 and we have to have money for that," Aquino said.
The Power Sector Assets and Liabilities Management Corp. (PSALM), the state agency tasked to privatize government assets, has decided to bid out the 192.5-megawatt Palinpinon and 112.5-megawatt Tongonan geothermal plants as one package.
Located in Negros Oriental province, the Palinpinon geothermal facility utilizes steam provided by EDC. The plant supplies 18% to 20% of the electricity demand in the Cebu-Negros-Panay-Bohol-Leyte-Samar grid.
"We will win (the asset). It's crucial to us because we supply the steam," Aquino said, adding that EDC will have "flexibility in their operations once they own the geothermal power facilities."
The Tongonan geothermal facility also uses steam supplied by EDC, and is located in Leyte province.
Aside from EDC, Aboitiz Power Corp. has also expressed interest to bid for the two plants.