Envent to develop new geothermal plant in Philippines

With several geothermal projects in the Philippines currently underway, Envent Holding Incorporated said it signed a geothermal service contract for Biliran Island.

Financial terms of the deal were not disclosed.

According to the companies involved in the project, Biliran, one of the smallest provinces in the Philipines, is estimated to have at least 100 MW of geothermal energy.

Evnent said the upstream part of the project, which includes exploration of geothermal areas, well field construction and the extraction of steam from the area, will be executed by Biliran Geothermal Incorporated.

Biliran Geothermal Incorporated is owned by Filtech Energy Drilling Corporation and Envent Holding Philippines.

Envent Holding Incorporated, formed to explore and develop geothermal sources in the Philippines, is a joint venture of Iceland-based Reykjavik Energy Invest and Geysir Green Energy.

Both Reykjavik Energy Invest and Geysir Green Energy were formed in January 2007.

Icelandic geothermal company Reykjavik Energy formed its investment arm to create partnerships for to further develop geothermal areas (see Biofuel bonanza).

Since its inception, Geysir Green Energy said it has invested approximately $650 million in geothermal energy projects and businesses.

The companies said they formed Envent in order to help meet the Philippine government target of 1,200 MW of renewable energy by 2013.

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