Bacman power plants
BACMAN Geothermal Inc. (BGI), a wholly owned subsidiary of Energy Development Corporation (EDC),
has achieved closing on the 150- megawatt Bacman geothermal power plant acquisition after remitting to PSALM on September 3 P1,279,725,000, representing full payment of the purchase price for the power facilities. The turnover followed BGI’s submission of the highest offer price for the Bacman plants in a competitive bid conducted by PSALM on May 5, 2010 and its successful completion of the conditions precedent required in the asset purchase agreement.
“Our main focus now is to rehabilitate these plants and restore capacity and reliability factors to 100% to add clean, reliable and much-needed power to the Luzon grid,” EDC president and COO Richard Tantoco said.
Located in the towns of Bacon, Sorsogon and Manito, Albay in the Bicol region, the Bacman plant package consists of two steam plant complexes. The Bacman I geothermal facility comprises two 55-MW turbines, while Bacman II consists of two 20-MW units. EDC supplies the steam fuelling these plants. “…With the turnover of the Bacman power plant, we are now fully integrated across the geothermal value chain. This vertical integration will result in more efficient and seamless operations,” Tantoco added.
The Bacman plants boost EDC’s current portfolio of geothermal power generation assets to 1,199 MW. EDC also acquired the 112.5-MW Tongonan and 192.5-MW Palinpinon geothermal plants auctioned by PSALM last year.