MANILA, Philippines -- PNOC Energy Development Corp., the Philippines' biggest producer of geothermal power, said Wednesday it plans to boost its output by bidding for four government-owned power plants and building new facilities.

PNOC-EDC, now controlled by First Gen Corp., will make bids for geothermal plants with a combined capacity of 1,155 megawatts -- the 192MW Palinpinon plant, the 113MW Tongonan plant, the 150MW Bacon-Manito plant, and the 700MW Tiwi-Makban plant.

The target acquisitions will double PNC-EDC's installed capacity to 2,400 megawatts, PNOC-EDC resident Paul Aquino told reporters.

The company is also looking to construct new power plants with a combined capacity of 310 megawatts.

PNOC-EDC, which produces electricity generated from heat stored beneath the earth's surface, reported last week net profit of P8.7 billion for 2007, up 26 percent from the previous year.

The peso's appreciation against the US dollar, which lowered costs associated with existing contracts to operate government-owned power plants and with foreign loans, helped boost earnings, it said.

PNOC-EDC is now a unit of Red Vulcan Holdings Corp., a wholly owned subsidiary of power producer First Gen.

In November, Red Vulcan made the winning bid of P58.5 billion for the government's remaining 60 percent stake in PNOC-EDC.

First Gen is a unit of power and infrastructure conglomerate First Philippine Holdings Corp (FPHC).

Shares in PNOC-EDC were trading P1.00 or 1.7 percent higher at P6.00 midway through Wednesday's session.

First Gen was up 50 centavos or 1.2 percent at P44.00. FPHC was steady at P52.00. (By Enrico dela Cruz)

($1 = P40.81)