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Bacman Geothermal, Inc. (BGI), a unit of the Lopez-led Energy Development Corp. (EDC), has completed payment for the 150 megawatt Bacon-Manito (Bacman) geothermal power plants.

In a statement, the company said that it has closed the acquisition of the asset after paying the Power Sector Assets and Liabilities Management Corp. last week of P1.28 billion representing full payment for the power facilities.

The turnover followed BGI’s submission of the highest offer price for the Bacman plants in a competitive bid conducted by PSALM last May 5 and its successful completion of the conditions required in the Asset Purchase Agreement (APA).

"Our main focus now is to rehabilitate these plants and restore capacity and reliability factors to 100 percent to add clean, reliable and much needed power to the Luzon grid," Richard Tantoco, EDC president and COO said.

Located in the towns of Bacon, Sorsogon and Manito, Albay in the Bicol region, the BacMan plant package consists of two steam plant complexes. The BacMan I geothermal facility comprises two 55-MW turbines, which were both commissioned in 1993. BacMan II, on the other hand, consists of two 20-MW units namely, the Cawayan located in Barangay Basud and the Botong in Osiao, Sorsogon City. The Cawayan unit was commissioned in 1994 and the Botong unit in 1998. EDC supplies the steam fuelling these plants.

"The acquisition of NPC’s geothermal power plants is one of our major platforms for future growth. With the turnover of the Bacman power plant, we are now fully integrated across the geothermal value chain. This vertical integration will result in a seamless and more efficient operations," Tantoco added.

The Bacman plants boost EDC’s current portfolio of geothermal power generation assets to 1,199 MW. EDC also acquired the 112.5-MW Tongonan and 192.5-MW Palinpinon geothermal plants auctioned by PSALM last year.

EDC’s other geothermal power generating assets are the Unified Leyte plants consisting of the 125-MW Upper Mahiao, 232.5-MW Malitbog, 180-MW Mahanagdong and 51-MW Optimization plants, the 106 MW Mindanao 1 and 2 plants in Kidapawan, Cotabato, and the 49-MW Northern Negros geothermal plant in Negros Occidental.

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