Lopez-led Energy Development Corp. or EDC is looking at establishing solar power plants within its geothermal facilities while it simultaneously builds its first battery energy storage system or BESS ventures to further expand its capacity and portfolio.
"We are considering solar within our geothermal project sites, we are not going far since we have space in our geothermal project sites.
Were are looking at how we can maximize some small solar facilities inside geothermal sites," EDC assistant vice president and head of corporate relations and communications Allan Barcena said in an interview with reporters.
"Geothermal is still our main thing but in addition, we are completing our binary projects," he added.
Barcena also disclosed that the company's BESS, although a bit late in the game, will be in BacMan, Leyte, and Negros with a combined capacity of 40 megawatts or MW.
"BESS is a concept that's evolving. I think storage will continue to be an opportunity to capture additional energy capacity, whether in hydro, solar, or geothermal," Barcena said.
Likewise, EDC has also secured two new concessions for geothermal projects in Laguna province
"We hope to complete the binary power plants and three BESS that will add to our capacity in the next two years," he added.
For next year, EDC has yet to finalize its capital expenditure program but given the planned expansions, Barcena said a "big chunk will be allotted for greening campaign."
The company recently disclosed its plan to raise P10 billion from the launch of the second tranche of its shelf-registered ASEAN Green Bond Program.
Green bonds are a type of debt security that is sold to raise capital for projects that help mitigate climate change and benefit the environment. This includes renewable energy—a major focus of EDC's business.
During the first nine months of the year, EDC, through the higher contribution of its geothermal portfolio, primarily helped First Gen generate double-digit growth in its bottom-line profits.
First Gen's attributable recurring net income during the period grew by 28 percent to P13.8 billion from P10.2 billion a year ago
EDC is First Gen's fully renewable energy subsidiary that has over 1,480 MW total installed capacity – accounting for 20 percent of the country's total installed renewable energy capacity.
Its geothermal portfolio accounts for 62 percent of the country's total installed geothermal capacity, making the Philippines the third largest geothermal producer in the world.