Philippines eyes $2.5bn geothermal investment  

Business Green reports the Phillipines is looking to build another 620 MW of geothermal power generation capacity - Philippines eyes $2.5bn geothermal investment.

The Philippines, the world's second-largest developer of geothermal power, plans to award contracts for 19 geothermal power plants that could attract more than US$2.5bn in private investment, according to a senior official.

In the next five months, the government will issue tenders for the development of 10 geothermal sites, with a further nine deals under direct negotiation with various companies, Alejandro Oanes, division chief for geothermal energy at the Philippine Energy Department, told Reuters yesterday.

He said Icelandic geothermal project developer Geysir Green Energy and the Philippine's biggest producer of geothermal power, Energy Development Corp, were among the companies bidding for contracts.

Officials estimate that more than 620MW of geothermal energy could be generated from the 19 sites, which include two volcanoes: Mt Isarog in Camarines Sur province, with a potential capacity of 70MW, and Mt Labo in Camarines Norte, which may yield up to 65MW.

Geothermal resources have also been identified in the provinces of Benguet, Cagayan, Palawan, Oriental Mindoro, Surigao del Norte and Laguna.