GREEN Core Geothermal Inc. (GCGI), a subsidiary of Energy Development Corporation (EDC)
, sealed seven new long-term power supply contracts with electric cooperatives in Leyte and Negros to supply 58 MW of power.
GCGI signed a 10-year power supply contract with the Negros Oriental II Electric Cooperative Inc. for 25 MW. The geothermal firm also inked a separate power supply contract with six members of the Association of Visayas Electric Cooperatives or AVEC; GCGI allocated 33 MW for the six electric cooperatives.
“From the start, we have always prioritized the electric cooperatives in our host areas as we want them to be the first to enjoy the benefits of having clean, reliable and affordable power,” EDC president and COO Richard Tantoco said. “We’re happy that our cooperatives have partnered with us. We offer the most competitive price in the market and we’re investing heavily to improve the reliability of our plants so that power interruptions will be significantly reduced and eventually eliminated.”
The contracts of the Visayas cooperatives were previously with the National Power Corporation before the privatization of the Tongonan 1 and Palinpinon geothermal plants in Leyte and Negros Oriental, respectively. GCGI, which acquired the power plants in 2009, began negotiating with the electric cooperatives with expiring contracts as early as January 2010