After paying total acquisition cost of P1.279 billion, the Bacman Geothermal Inc. (BGI) unit of the Lopez-controlled Energy Development Corporation (EDC) finally gained ownership of the 150-megawatt Bacon and Manito geothermal plants in the Bicol region.

EDC, in a press statement, indicated that it formally settled the entire amount to asset-seller Power Sector Assets and Liabilities Management Corporation (PSALM) on Friday (September 3).

Moving forward from that phase, EDC President and Chief Operating officer Richard B. Tantoco noted that the company’s focus will now shift to the rehabilitation of the facilities to restore them into full capacity.

He indicated previously that the company has already allocated capital expenditures for the rehabilitation of the acquired assets.

“The acquisition of NPC’s (National Power Corporation) geothermal power plants is one of our major platforms for future growth. With the turnover of the BacMan power plant, we are now fully integrated across the geothermal value chain,” Tantoco stressed.

EDC currently holds the distinction of being the country’s largest geothermal power producer. The scale of its portfolio also comfortably sits the Philippines as the world’s second largest geothermal player, next to the United States.

Tantoco emphasized that the firm’s BacMan acquisition paves some sort of “vertical integration (which) will result in a seamless and more efficient operations” of the company. EDC is the steam supplier of the acquired plants.

With the addition of the BacMan assets, EDC’s attributable geothermal capacity now hovers at 1,199 megawatts. The other geothermal acquisitions it made were the 112.5-MW Tongonan and 192.5-MW Palinpinon facilities.

The Bacon plant is located in Sorsogon; while the Manito facility is in Albay. They comprise of two steam plant complexes, with BacMan I having two units of installed capacity of 55 megawatts and BacMan II with two units of 20 megawatts each.

Beyond what it currently has under its sleeve, EDC is also forthright about its plans of further expanding its capacity by additional 1,500 megawatts from the short- to medium-term.