Two separate project agreements have been signed that are expected to finally bring about implementation of the 20 MW Maibarara geothermal power project in the Philippines. The project is led by a subsidiary of listed firm PetroEnergy Resources.
In a disclosure to the Philippine Stock Exchange (PSE), one of the project partners, Trans-Asia Oil and Energy Development Corporation, noted that the engineering, procurement and construction (EPC) contract for the facility has been fnalised with local firm EEI Corporation. And a separate deal with Japanese firm Fuji Electric has been concluded for the remote monitoring and technical advisory service agreement for the proposed facility.
The facility is targeted for commissioning around 2013, the same year that the power supply in the Luzon area grid is expected to become precarious. Several coal plants are due to come on line at the same time as a remedy for the country's supply problems.
Prior to the award of contracts for the facility’s construction, the developers also secured the necessary permits, such as environmental compliance certificate, so it can move the project to fruition. They also pushed for the drilling of wells to assess the level of steam production that will underpin the plant’s fuel needs for long-term electricity generation.
The Maibarara facility is also being undertaken with state-run affiliate Philippine National Oil Company-Renewables Corporation (PNOC-EC) as one of the minority interest-holders.
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