EDC takes over Tongonan, Palinpinon plants

In the Philippines, Energy Development Corp. has on assumed operations of the 112.5 MW Tongonan 1 and 192.5 MW Palinpinon geothermal power plants. This after the company paid the Power Sector Assets and Liabilities Management Corp. $78 million representing 40% of the purchase price and $7 million for the purchase orders, rental, option price, performance security deposit on land lease, and industrial all-risks insurance policy and comprehensive general liability. EDC will use Psalm’s staple financing scheme allowing deferred payments of up to seven years in 14 equal semi-annual installments for the remaining balance.