EDC eyes to spend up to P30B to drill 40 geothermal wells through 2026
EDC eyes to spend up to P30B to drill 40 geothermal wells through 2026
GEOTHERMAL POWER PRODUCER Energy Development Corp. (EDC) plans to invest up to P30 billion to drill 40 new wells through 2026, its president said.
“Our total estimate for the 40 wells is around P30 billion,” EDC President and Chief Operating Officer Jerome H. Cainglet told reporters on May 29.
Last year, EDC drilled 24 new wells, with six more scheduled for this year and five in 2026, he said.
“First Gen geothermal, through our subsidiary EDC, undertook the most aggressive drilling campaign in its history — with 24 new wells drilled in 2024, while increasing our rig count to seven from only one operational rig at the start of the year,” said EDC Vice-Chairman and Chief Executive Officer Francis Giles B. Puno.
Following the drilling campaign, EDC is currently commissioning 83 megawatts (MW) of new geothermal capacity and 40 megawatt-hours (MWh) of battery energy storage, which can provide backup power.
The capacities are sourced from the 29-MW Palayan Binary, 28-MW Mahanagdong Binary, 20-MW Tanawon, and 5.6-MW Bago Binary geothermal power projects.
EDC’s battery energy storage system (BESS) portfolio includes the 20-MWh BacMan (Bacon-Manito) BESS, 10-MWh Negros BESS, and 10-MWh Tongonan BESS.
“Numerous other plant improvements will deliver more GWh (gigawatt-hours) generation for a prolonged period,” Mr. Puno said.
For greenfield geothermal development, Mr. Puno said the company is pursuing its first exploration drilling campaign for the Amacan growth project in Mindanao.
EDC, the renewable energy arm of Lopez-led First Gen Corp., has an installed capacity of 1,480.19 MW, representing around 20% of the country’s total installed renewable energy capacity.
First Gen has allocated a capital expenditure budget of $601 million (P33.5 billion), with the majority of funds earmarked for EDC’s geothermal operations.
The Lopez-led company aims to expand its renewable energy portfolio to 13 gigawatts by 2030. — Sheldeen Joy Talavera
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