Maibarara Geothermal, Inc. (MGI) signed a Land Lease Agreement (LLA) on April 23, 2012 with the National Power Corporation (NPC) and the Power Sector Assets and Liabilities Management (PSALM) Corporation for two lots in Sto. Tomas, Batangas to be used in the steamfield operations of the Maibarara Geothermal Power Project. The lots are titled in N PC’s name and the LLA was signed pursuant to the service contract awarded by DOE to MGI, giving the latter exclusive access and rights to conduct geothermal operations in the area. Similar to the service contract, the LLA is for a period of 25 years, extendible for another 25 years upon mutual agreement of the parties. PSALM President Emmanuel R. Ledesma, Jr. and NPC President Froilan A. Tampinco signed as lessors, MGI President Francisco G. Delfin, Jr. signed as lessee, and Secretary Jose Rene Almendras signed DOE’s conformity to the agreement.
The Maibarara Geothermal Power Project is operated by MGI, a joint-venture corporation 65% owned by PetroGreen Energy Corporation, a wholly-owned subsidiary of listed PetroEnergy Resources Corporation, and 25% and 10% owned by Trans-Asia Oil and PNOC Renewables Corporation, respectively. The project is an integrated steamfield and power plant facility that will harness 20 MW of clean, indigenous, and renewable energy to supply electricity to the Luzon Grid beginning in late 2013. Further expansion of the project capacity beyond 20 MW is anticipated depending on how the geothermal reservoir will perform during initial commercial production.
MGI President Delfin declared, "The signing of the LLA, along with other earlier contracts and agreements, firmly establishes and delineates MGI’s rights over the geothermal reservoir, land, and watershed in the Maibarara contract area. This should lead towards a more efficient conduct of our work program obligations with the DOE.” Delfin added that construction of the civil and structural components of the steamfield’s fluid gathering system started last March and is expected to be finished by July, 2012. Meanwhile, the DOE has also given its approval last April 12 for the drilling this year of two wells, one for steam production and the other for reinjection of power plant condensate fluids.
- https://www.affordablecebu.com/
