Mindanao 1 and 2 geothermal facilities basically ended the Build-Operate-Transfer (BOT) obligations of publicly-listed Energy Development Corporation.

The BOT contracts with Japanese firm Marubeni Corporation and US firm Oxbow Power Corporation ended on June 17, for both of the 52-MW Mindanao 1 and 54-MW Mindanao 2 plants, paving the way for the handover the day after.

EDC president and chief executive officer Paul A. Aquino said the company will now have a free rein to take advantage of any revenue stream improvement that may be brought by continued efficient operation of the facilities.

"The turnover of the Mindanao power plants will fully integrate the value chain of the geothermal business from steam production to power generation, like our Leyte projects," he said.
From day one of the facilitties’ turnover, the company CEO assured that "the operation of the Mindanao power plants will continue to be efficient", noting that this aspiration will be carried through the "fusion of expertise of EDC and Marubeni geoscientists and engineers."

Moving forward, he noted that EDC would be able to capitalize on future opportunities that may spur potential energy sales growth or expansion of the assets. "We will be well-positioned to address and benefit from the robust growth in peak electricity demand in the Mindanao grid as we offer cheaper and cleaner source of energy," he stressed.