MANILA, Philippines -- Energy Development Corp., the country?s biggest producer of geothermal energy, is eyeing to invest some $1 billion over the next five years to put up greenfield power plants.

This move is expected to help propel EDC to become the top geothermal company in the world over the next three to five years.

In a briefing following the company?s stockholders? meeting, EDC president Richard B. Tantoco said EDC has been targeting to put up geothermal facilities that could generate a combined 230 megawatts (MW) within its existing concession areas.

EDC has been planning to start either within late 2010 or early 2011 the construction of an 86-MW wind farm in Burgos, Ilocos Norte, he added.

According to Tantoco, they expect to spend as much as $3.5 million to produce a megawatt of geothermal power through these greenfield facilities, and about $2.5 million per megawatt for its wind power project.

Aside from the $1 billion investment needed for these new power plants, EDC has also earmarked a combined P20.6 billion for its capital expenditure projects for years 2010 until 2015. The amount would be used to rehabilitate existing power plants, conduct further drilling activities and to improve the company?s facilities.

Tantoco said about P12.2 billion would be used for underground activities and resource development (to include drillings), while the remaining P8.4 billion would be earmarked for above ground activities (to include rehabilitation, installation of new pipes, among others).

He further disclosed that for this year alone, the company had allocated close to P7 billion for its capital expenditure activities.

In particular, the greenfield, expansion and rehabilitation projects that are expected to be completed by 2015 include the 150-MW Bacman geothermal plant and the 86-MW wind farm in Burgos, Ilocos Norte (2012); the 40-MW Tanawon and 20-MW Nasulo geothermal projects (2013); 50-MW Mindanao 3 geothermal project (2014); and the 40-MW Rangas geothermal project and 40-MW Kayabon project (2015).

Overall, Tantoco said the general target was to increase the company?s attributable generating capacity by 38 percent to 1,542 MW within a five year period starting 2011, from the current 1,116 MW.

?We are now in a position to decisively move on to our organic expansion after successfully acquiring all the National Power Corp. assets we targeted,? he said.

?We will be drilling in the Tanawon field of the Bacman concession by September. By July 2011, we will have a total of four rigs in Tanawon and one in Mindanao all working to deliver the fuel supply for our growth projects,? Tantoco added.

EDC?s steamfield and power plant operations are now fully integrated with the acquisition of the 112.5-MW Tongonan 1, 192.5-MW Palinpinon and 150-MW Bacman geothermal plants from Napocor. The 106-MW Mindanao plants had also already been turned over by partner.

EDC also owns and operates the Unified Leyte plants consisting of the 125-MW Upper Mahiao, 180-MW Mahanagdong, 232-MW Malitbog and 51-MW optimization plants.

To date, EDC remains the largest producer of geothermal energy in the Philippines accounting for 62 percent of the total country installed geothermal capacity. Aside from geothermal, EDC also owns and operates the 122-MW Pantabangan-Masiway hydro electric plants.