Palinpinon and Tongonan Geothermal Power Plants

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In October 2009, the Power Sector Assets and Liabilities Management (PSALM) finalized the sale of 192.5 MW Palinpinon and 112.5 MW Tongonan geothermal plants by selling them to Green Core Geothermal Inc., one of the Energy Development Corp(EDC) units for US$220 million. In the same month, Green Core Geothermal Inc. paid US$97 million, or 44% of the purchase price for the two plants. In December, it took over the two geothermal facilities by paying the rest US$123 million and completed the takeover. EDC parents company was First Philippine Holdings Corporation. The tender process was made through competitive bidding and Green Core Geothermal Inc. was the highest bidder with bidding price of US$220 million for the plants, edging out Therma Power-Visayas Inc. that tendered US$200 million. No detailed information with regard to financing was available. EDC (Energy Development Corporation): formerly known as the Philippine National Oil Company-Energy Development Corporation (PNOC-EDC) was fully privatized in 2008. First Gen Holdings is the parent company (60% economic interest). Add First Gen Holdings as sponsor