A geothermal project of Trans-Asia Oil and Energy Development Co. has secured an agreement with the National Grid Corp. of the Philippines to inject up to 20 megawatts of power into the Luzon grid.
Trans-Asia, the energy arm of the Phinma Group, holds a 25 percent participating interest in the Maibarara geothermal facility in Laguna while PetroEnergy’s unit PetroGreen Energy Corp. holds a 65 percent and PNOC-Renewable Energy Corp. holds 10 percent.
Last May, it was disclosed that the production wells drilled were producing enough steam output for commercial operation.
The Maibarara project is located on the western flank of Mount Makiling, an inactive volcano which is part of the San Pablo volcanic field, also known as the Laguna volcanic field.
The Maibarara Geothermal Inc., the consortium operating the project, earlier said it was undertaking studies and negotiations relating to electricity sales, project financing, and power plant construction and operations.
The company said in the event that these studies prove the commercial viability of the project, it will file for a declaration of commercial viability for Maibarara with the energy department and secure financing of P2 billion sometime in the third quarter to start field development.
