EDC Palinpinon II Geothermal Plant

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Energy Development Corporation (EDC), privatized in 2006, was developing the Palinpinon II geothermal plant in Palinpinon Town, Negros Oriental. The plant was to consist of 20MW capacity. The project was to be commissioned in 2014. In 2011 however, the company announced that their other geothermal plant, the Northern Negros (49MW) commissioned in 2007 was only producing 5-10MW and that the plant was to be decommissioned after being shut down in November 2011, and the equipment transfered to the 20MW Nasulo site, where it could be used to generate up to 45MW. The impairment cost were P5 billion, assumed to be additional to the development cost of the original 20MW plant. The original plant was to be commissioned in 2008. The project applied for UNFCCC CDM financing in December 2006 at a total cost of US$40.2 million. Of this amount, US$24.8 million was financed by the Development Bank of the Philippines (DBP), and the remainder via internal cash generation of EDC. The original plant reached financing before it was privatized however, so that amount has been accounted for in the divestiture of EDC. The expansion is listed here. http://newsinfo.inquirer.net/86631/more-geothermal-power-in-negros