The Tanawon project in Albay and Dauin in southern Negros each has the prospective to generate 40 megawatts (MW) of power, while the Nasulo project in Negros Oriental may add another 20 MW to the grid. Meanwhile, the Mindanao III project in Cotabato may increase capacity in the Mindanao grid by 50 MW.
EDC also assigned PHP65.37 million for the upgrading of its drilling rigs, in a bid to become more competitive in the drilling industry.
Of this amount, PHP1.41 million was invested on the commissioning and testing of its rigs, while PHP38.8 million went to the buying of a crane.
Another PHP8 million was used to buy a tractor from Western Star Trucks, while another PHP11.78 million was used to purchase a forkloader with a six-ton capability from Caterpillar.
EDC Chief Financial Officer Fenina O. T. Rodriguez said that the capital outlay came from the left over proceeds of the company’s PHP9.28-billion initial public offering (IPO) in 2006.
Rodriguez said that EDC still had PHP699.3 million left over from the IPO proceeds as of end-2008. Over PHP400 million of these amounts went to import expenses.
In the meantime, PHP118.9 million went into the development of EDC’s many projects that would further strengthen its position in the geothermal industry.
