EDC completes acquisition of BacMan plants

In the Philippines, Bacman Geothermal, Inc., a unit of the Lopez-led Energy Development Corp. (EDC), has completed payment for the 150 MW Bacon-Manito (BacMan) geothermal power plants. The company said that it has closed the acquisition of the asset after making a final payment to the Power Sector Assets and Liabilities Management Corp. Richard Tantoco, EDC president and COO said the company would begin to rehabilitate the plants and restore capacity and reliability and to bring them back on-line in an 18 to 24 month time frame. The BacMan plants boost EDC’s current portfolio of geothermal power generation assets to 1,199 MW. The BacMan I units have two 55 MW turbines and BacMan II consists of two 20 MW turbines.