Energy Development Corp. (EDC) secured a $413,000 grant from the United States Trade and Development Agency (USTDA) for a feasibility study to support the development of a geothermal power plant in Amacan, Mindanao.
“The Philippines is already among the world’s renewable energy leaders. Its potential capacity for geothermal, wind, solar and hydroelectric power is significant. By partnering with EDC, USTDA is enthusiastic about bringing additional renewable energy resources online so that people across the Philippines have a clean and reliable source of power. USTDA’s assistance will also catalyze private sector investment in geothermal technologies that US companies are well positioned to supply,” said Enoh Ebong, USTDA director, in a statement.
The grant is meant to help EDC confirm geothermal resource availability and conduct initial technology and financial assessments for the implementation of a geothermal power plant with around 50 megawatts (MW) of energy capacity.
“Geothermal energy has been providing the Philippines with baseload renewable energy and helping our country avoid at least a million tons of carbon emissions each year compared to coal. We need more of 24×7 geothermal energy in order to decarbonize our energy sector and help achieve a net zero country,” said Richard Tantoco, EDC president and chief operating officer.
EDC has over 1,480 MW total installed capacity that accounts for 20 percent of the country’s total installed renewable energy capacity.
