Green Core and EDC officials, together with representatives from Leyte province Atty. Imelda Nartea and Kananga vice-mayor Macario Lumangtad, Jr, unveils a marker.
KANANGA, LEYTE – The last of the government-owned geothermal powered plants in the province has been privatized, and its operations turned over recently to its new owners.
In a simple turnover rite on Monday morning, October 26, the management and supervision of the formerly Napocor-run 112.5 MW Tongonan 1 Geothermal Power Plant in Brgy. Lim-ao, this town, was given to the Energy Development Corporation (EDC) through Green Core Geothermal Inc. (GCGI), its subsidiary.
During the turnover ceremony, Oscar M. Lopez, chairman of EDC, handed over a check worth Php 3,840,912,756.58 and the keys to the plant Jose C. Ibaseta, President and CEO of PSALM. The disposal of NPC power assets is being handled by the Power Sector Assets and Liabilities Management Corporation (PSALM).
It was learned from company sources that the Php 3.84-billion pesos served as payment for the Tongonan I plant, including that of the 192.5 MW power plant in Palinpinon, Valencia, Negros. A simultaneous turnover was also being done at Valencia during the occasion.
The power plants were bought by Green Core through an auction on September 2. The Tongonan 1 power plant and Palinpinon geothermal power plants located in Valencia, Negros Oriental were ran by the National Power Corporation (NPC) before they were privatized. The Tongonan power plant, with its three 37.5 MW units, had been providing cheaper and green power to the people of Leyte and Samar since 1983.
Now, with EDC as its new steward, the company managers promised that it will continue to operate to address the energy shortage in the Visayas, from geothermal steam production to power generation. The Leyte Geothermal Production Field (LGPF), also operated by EDC, provides the steam used by the power plant.
“As EDC reached another milestone in its privatization process, the stewardship of this valuable asset is a change that we have to recognize and sustain”, said Froilan Tampinco, NPC Chairman.
He is also grateful to Green Core for its accommodating stance and for the partnership. “EDC continues to work to materialize its vision of being the most successful energy provider in the world”, Paul Aquino, EDC president said. By Jean Mayingque
