MANILA, Philippines - The subsidiary of Lopez-owned Energy Development Corp. (EDC) has completed the payment for the geothermal power plants it acquired from the government early this year.

Bacman Geothermal Inc. has paid state privatization agency Power Assets and Liabilities Management Corp. P1.28 billion for the 150-megawatt Bacon-Manito or Bacman geothermal facilities.

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

Located in the province of Albay, the Bacman power complex consists of two steam plants. Bacman I comprises two 55-MW turbines commissioned in 1993, while Bacman II consists of two 20-MW units.

The power facilities boost EDC's geothermal power portfolio to 1,199 MW.

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

Earlier, Tantoco said they were eyeing to operate the Bacman plants at full capacity within the next two years.

EDC is the country's largest geothermal power firm. Last year, it also acquired the 112.5-MW Tongonan and 192.5-MW Palinpinon geothermal plants.

EDC’s other geothermal assets include 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.