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Brix Lelis - The Philippine Star
May 29, 2025 | 12:00am
MANILA, Philippines — Energy Development Corp. (EDC) of the Lopez Group is heating up the power game with a bold P18-billion investment for its geothermal drilling program this year.
First Gen Corp. vice president and EDC chief finance officer Erwin Avante confirmed this development to The STAR.
EDC, a subsidiary of First aGen, plans to drill 19 new geothermal wells, execute re-entry operations and carry out multiple workovers.
The expansion is expected to add 141 megawatts (MW) of new capacity to EDC’s portfolio, strengthening its position as the leading geothermal player in the Philippines.
The drilling program is also aimed at reinforcing the country’s supply amid “growing demand for sustainable power solutions,” EDC said.
Geothermal energy is a clean source of baseload supply, or the minimum amount of electricity needed on the power grid to meet constant demand.
Currently, EDC owns and operates 13 geothermal power plants with a combined capacity of about 1,200 MW. This is equivalent to roughly 60 percent of the country’s geothermal capacity.
EDC president and COO Jerome Cainglet said 24 geothermal wells were drilled in 2024, the most the company has achieved in a single year since its privatization in 2007.
“Beyond being a remarkable achievement in itself, our 2024 drilling success reinforces our capability to deliver complex operations at scale and lays a strong foundation for even greater ventures ahead,” Cainglet said.
EDC is also taking its geothermal expertise beyond the Philippines, with plans to develop two greenfield projects in Indonesia.
With an estimated investment of $456 million, the two geothermal projects have a total potential capacity of 80 MW.
This is aligned with First Gen’s goal of achieving 13,000 MW of low-carbon energy capacity by 2030 and solidifying EDC’s position as a global leader in the green energy space.
