MANILA, Philippines — The Department of Energy awarded a geothermal service contract to an APC Group subsidiary, facilitating the survey of Kalinga province for renewable energy.
In a Friday disclosure sent to the Philippine Stock Exchange, the listed holding firm indicated the contract covered the Southwest Kalinga Geothermal Power Project.
The APC Group subsidiary that secured the contract was Aragorn Power and Energy Corp, marking the unit’s second project in the province.
The company disclosed that the exploration, stipulated for seven years, will scope the municipalities of Pasil, Lubuagan, and Tingalyan, all in Kalinga.
Back in 2008, the national government awarded a similar contract to the firm that enabled the exploration, development, and exploitation of geothermal resources in Kalinga.
Government data showed DOE has awarded 37 geothermal projects, mostly in Luzon, to various firms as of March. These projects, mostly still in the pre-development stage, are expected to generate a total of 996.6 megawatts.
Shares in APC currently trade 14.54% up at P0.26 apiece as of 11:33 Friday morning. — Ramon Royandoyan