Published December 22, 2020, 7:00 AM
Despite the perceived low capitalization of US$50 million dangled to foreign investors for integrated geothermal resource exploration and power plant development in the country, the Department of Energy (DOE) disclosed that there are no takers yet of the blocks being offered by the government.
“We don’t know of any foreign company yet. There were companies that submitted letters of intent – these are two local companies,” DOE Director Mylene Capongcol said.
She noted that at least three geothermal blocks are being tendered to interested foreign investors: these are prospects in Daclan, Benguet; Puting Lupa in Laguna; and Mt. Labo in Camarines Norte.
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