EDC taps Hyundai and Galing Power for 31-MW Bac-Man 3 construction

MANILA, Sept 12 (PNA) — Energy Development Corp. (EDC) has tapped Hyundai Engineering Co., Ltd. and Galing Power & Energy Construction Co. Inc., for the engineering, procurement and construction (EPC) of its 31-megawatt (MW) Bac-Man 3 power plant in Sorsogon.

“Lopez-led EDC has signed a design and equipment supply contract with Hyundai Engineering Co., Ltd. (HEC) and a construction services contract with Galing Power & Energy Construction Co. Inc., both dated September 15, 2015 for the engineering, procurement and construction of its 31-MW Bac-Man 3 geothermal power plant in Barangays Capuy, Bucalbucan, Rizal and Bulabog, Sorsogon City, Sorsogon Province,” the company said in a statement Tuesday.

Bac-Man 3, which has an estimated cost of Php 7.6 billion, is targeted to be completed and start operations by the fourth quarter of 2017.

Vincent Villegas, EDC business development vice president, said that Bac-Man 3 “is expected to withstand harsh weather conditions and improve plant reliability”.

Last week, EDC said in a disclosure to the Philippine Stock Exchange (PSE) that Bac-Man Geothermal Inc. (BGI) had secured a Php 5-billion loan with three banks, namely Bank of the Philippine Islands, BDO Unibank, Inc. and Security Bank Corp.

The joint lead-arrangers were BDO Capital and Investment Corp., BPI Capital Corp. and SB Capital Corp.

EDC further said BDO Capital and Investment Corp. acted as structuring advisor and sole bookrunner.

EDC has a geothermal capacity of 1,169 MW. (PNA)