The Energy Development Corp. (EDC) looks to complete the construction of binary geothermal power plants and battery energy storage systems (BESS) in the next two years.
Allan Barcena, assistant vice president and head of corporate social responsibility and public relations, told reporters the EDC is working on at least seven binary geothermal plants around Leyte, Negros and in Bicol.
A binary power plant uses a second fluid to produce enough stream to overcome the deficiency in generating power from geothermal resources. The EDC did not disclose the output capacity of its binary power plants but acknowledged developing three BESS projects with total capacity of 40 megawatts (MW).
Barcena said the BESS projects are in areas where EDC’s binary geothermal power plants are constructed.
“I think storage will continue to be an opportunity to capture additional energy capacity, whether in hydro, solar or geothermal… Geothermal (resources are) really strong and sometimes produce excess capacity,” he noted.
The EDC said it is also considering to maximize existing geothermal facilities by equipping them with small solar power projects.
Barcena said the EDC has secured two new geothermal concessions in Laguna but declined to provide more details.
Earlier, the EDC board approved the public offering, issuance and listing of the second tranche of its shelf-registered Asean Green Bond program of up to P10 billion in fixed-rate bonds.
The EDC said proceeds from the bond sale will finance growth projects.
In 2021, the EDC issued P5 billion in dual tranche Asean Green bonds, the first tranche of a total P15 billion worth of shelf registration.At present, EDC’s total portfolio of energy projects is over 1,480 MW.
Its 1,185.40 MW worth of geothermal projects account for 62 percent of the country’s total installed geothermal capacity, making the Philippines the third largest geothermal producer in the world.
