Development of the Biliran site is only the first initiative of the consortium, which aims to enhance geothermal energy capacity in the Philippines and nearby regions.
Cresphil and Energy Stream Power will provide their expertise in regulatory compliance, permitting, and procurement. AG&P Industrial will be the EPC contractor for the consortium, overseeing construction and civil works for the facilities needed in drilling and power generation. Alex P. Gamboa, president of AG&P Industrial, also noted that this marks the entry of their company into the renewable energy sector.
The website of Energy Stream Power also lists the Balingasag geothermal site in Misamis Oriental as one of their projects under development.
“This project will boost renewable energy capacity and contribute to the Green Energy Auction Program, supporting the government’s target to expand renewable energy to 35 percent by 2035 and 50 percent by 2040,” said Carlo Ruiz, CEO of Energy Stream Power, stating as well that the potential of the Biliran II site was based on recent evaluations.
“Geothermal energy offers a stable, low-emission alternative to fossil fuels, with minimal land and visual impact. The Biliran II project will help reduce reliance on imported fossil fuels, provide local clean energy, and support regional economic development,” added Jose Silvestre Natividad, chairman & CEO of Cresphil.
The geothermal project in the Biliran region has had a very long history with plenty of activity in the last decade or so. Despite multi-phase plans for power generation announced in the past, the geothermal potential has not manifested into a power facility yet.
