Energy Development Corp. (EDC) has tapped a Korean firm HEC Power and Energy for the engineering, procurement and construction contract for the third phase of the Bacon-Manito geothermal project (BacMan3) in Bicol.
The BacMan3 project, which is expected to cost P7.6 billion, is targeted for completion by the last quarter of 2017, EDC vice president for business development Vincent Villegas said.
“Given its specifications, the BacMan 3 power plant is expected to withstand harsh weather conditions and improve plant reliability,” Villegas said.
Once operational, BacMan 3 project will augment the power generating capacity of the Luzon grid and address the projected demand growth in the region with clean and affordable power.
“This project is meaningful to HEC (Hyundai Engineering Co., Ltd.) since we will be focusing largely on renewable (energy) as one of our strategic businesses in the future,” HEC Power and Energy head Park Jun-Sung said.
The BacMan3 project will reduce greenhouse gas emissions by about 270 kilotons of CO2 yearly if a similar capacity of fossil-fired power plant were to be built.
The addition of BacMan3 project to EDC’s geothermal portfolio solidifies its leadership in the Philippine geothermal industry.
EDC owns and operates 1,169MW of integrated geothermal projects in Leyte, Negros Islands, Bicol and North Cotabato.
The company also successfully commissioned the 150 MW Burgos Wind Project, the largest in Southeast Asia.