EDC acquires P3.3.B geothermal plants in Leyte, Negros
By Elvie Roa
ORMOC CITY – A subsidiary of Energy Development Corporation has assumed operations of the 112.5MW Tongonan 1 in Kananga, Leyte and the 192.5 MW Palinpinon I and II in Negros geothermal power plants after it acquired the two energy sources from NPC in September.
Green Core Geothermal Inc., the EDC subsidiary, acquired the two NPC operated power plants in an auction conducted by Power Sector Assets and Liabilities Management (PSALM) in September this year with a bid of P3.3 billion.
PSALM awarded the government owned energy sources to GGCI after the latter successfully completed the conditions required in the Asset Purchase Agreement of the former.
In a turn-over ceremonies at the EDC head office in Fort Bonificio in Taguig City and streamed live in Tongonan I power plant in Lim-ao village in Kananga, Leyte, Green Core employees at the plant took off their black jackets revealing the EDC’s green logo.
EDC chair Oscar Lopez with dignitaries and the company’s top officials led by CEO Paul Aquino turned over the ceremonial P3.3 billion check to PSALM.
EDC also acquired the PNOC in Kananga and Ormoc.
In a speech, Tongonan manager Simeon Go, said there is a big challenge in the transition from the government owned and controlled corporation (GOCC) to privatization,
“(But) the impossible has become a possibility and achieved by adopting the vision and mission of EDCs with the effort of the Palinpinon power plants. Welcome to the Kapamilya,” said Go.
Started in 1983, Tongonan 1 which comprises three 37.5 MW supplies electricity to Leyte and Samar. While the Palinpinon plant consists of two power stations – Palinpinon I and II, which are five kilometers apart, comprises three 37.5 MW steam turbines for a total rated capacity if 112.5 MW, supplies power to Negros and Cebu.
Kananga mayor Elmer Codilla personally attended the turn over ceremonies at the EDC head office in Fort Bonifacio.
In Kananga, vice mayor Macario Lumangtad led local officials and guests attended the affair.
Lumangtad could not hide his happiness over the privatization because not of the realty tax but the royal tax which runs into millions of pesos.
He said the mayor was in Manila to talk with the Department of Energy and LGU Fund officials for planned acquisition of garbage compactor, fire truck and electrification program of Kananga.
