Aug 4 2010
APC Group Inc, a Makati City, Philippines-based company, is said to be in the final stages of firming up its $300-million geothermal power venture with a foreign company by September this year. While the foreign partner is veiled, market circles name the company as Chevron Corp., a USA-based multinational company and a major player in geothermal energy production.
The signing of the accord by APC Group will enable the company to build a 100 MW geothermal power plant in Northern Luzon. Earlier, APC has informed its intention to begin exploring its activities in the 26,250-hectare service area spanning Apayao and Kalinga provinces, with an investment of around $40 million. The designated areas are alleged to have a potency to produce 120 and 200 MW, respectively. The intended venture is expected to have 60 percent participation from the foreign company and 40 percent from APC auxiliary company Aragorn Power and Energy Corp and another Philippine based company Guidance Management Corp. APC has plans to avail the benefits, such as a seven year income tax holiday, tax free imports for equipments and immunity from the payment of value added tax available for the project.
Willy Ocier, President and CEO of the company, who released the news about the firming up of the order, said their foreign partner is waiting for the formation of the new government at the country under the newly elected President Aquino.
Source: http://www.apcaragorn.com