Energy Development Corp. (EDC) focuses on the completion of binary geothermal projects and battery energy storage projects in the next two years, a company executive said.
EDC assistant vice president Allan Barcena said the company is developing BESS projects with a combined capacity of 40 megawatts in Bacon-Manito in Sorsogon, Leyte and Negros.
“I think storage will continue to be an opportunity to capture additional energy capacity, whether in hydro, solar or geothermal,” he said.
“Geothermal is still our main thing. And then in addition, we are completing our binary projects. We have, I think, four in Leyte, three in Negros [and] BacMan. We hope to have them online to supply additional capacity,” Barcena said.
He said EDC also plans to put up solar facilities within their geothermal sites.
“We have space in our geothermal project sites. We’re looking at how we can maximize some small solar facilities inside geothermal [sites],” he said.
Barcena said offshore wind remains the last frontier for EDC, but the company is still open to developing it.
“That’s the far future because the technology is very expensive, not to mention the technical feasibility of building a wind farm offshore…but we hope to access the technology, get more investment,” he said.
He said EDC secured an offshore wind concession in Guimaras, “but this remains to be somewhat reserve projects for the company.”
EDC’s board recently approved the public offering, issuance and listing of the second tranche of the company’s shelf-registered ASEAN Green Bonds worth up P10 billion.
EDC senior vice president and chief finance officer Edwin Avante said the company would use the proceeds from the bonds to cover the growth projects for 2024 and other general corporate purposes.
“We have seven ongoing projects as of the moment. But for this ASEAN Green Bond, we will still finalize the allocation which it will fund,” Avante said.
EDC was awarded two geothermal projects under the 4th Open and Competitive Selection Process (OCSP4).