APC Group, Inc.
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Aragorn Power gets 1-year extension for $300-M Apayao geothermal project

MANILA, Philippines — The Department of Energy (DOE) has granted Aragorn Power and Energy Corp. (APEC), the power unit of Sy-led APC Group Inc., a one-year contract extension for its $300-million geothermal project in Kalinga, Apayao.

In a disclosure, APC said APEC received a letter from the DOE approving the contract term extension of its geothermal renewable energy service contract (GRESC) 2010-03-024.

“In its letter, the DOE noted that APEC has substantially performed its work commitments and approved the GRESC contract extension until Sep. 24, 2018,” APC said.

APEC was granted a five-year geothermal service contract located in Kalinga province in 2008, but this was converted into a GRESC in late March 2010 to avail of the incentives provided under the Renewable Energy (RE) Act of 2008.

The project involves the development of steam fields that can generate around 100 megawatts (MW) of new capacity, providing an additional source of clean, indigenous and reliable baseload power to the Luzon grid.

The company has filed an application with the DOE to renew its contract, which expired in September 2016.

Under its work program, APEC has completed geochemical and geophysical surveys covering Sub-phases 1 and 2.

As of March this year, the firm is already in the preliminary stage of Sub-Phase 3. It has also secured the consent of nine out of 11 ancestral domains covering 85 percent of the geothermal service contract area.

In preparation for Sub-Phase 3, APEC has secured a certificate of non-coverage for the access roads construction, improvement of existing roads and drilling of well pads from the Department of Environment and Natural Resources (DENR).

“The surveys for the detailed engineering design of these roads and well pads have been completed. Accordingly, activities such as right-of-way negotiations, supplier bidding and contract preparations related to the road construction and drilling will follow,” APC said.

To pursue the project development, APEC and its partner Guidance Management Corp. (GMC) partnered with Chevron Kalinga Ltd. (Chevron), 100 percent subsidiary of Chevron Geothermal Philippines Holdings Inc., in November 2010. The latter will operate the power plant and explore and develop the steam field.

source: http://www.philstar.com/business/2017/10...al-project


...this is a $300M project by APC....accumulate...buy on weakness 'to mga pards since approved na! Tongue

APC’s Kalinga geothermal project to get perks

A UNIT OF APC Group, Inc. has secured the government’s certification for its geothermal development in Kalinga province as a project of national significance, giving it perks including speedy regulatory permitting, the holding firm said on Monday.

“We hereby disclose that pursuant to Executive Order (EO) No. 30, the Energy Investment Coordinating Council (EICC) through the Department of Energy recently approved the application of Aragorn Power and Energy Corporation (APEC) for its Kalinga Geothermal Project to qualify as an Energy Project of National Significance,” it told the stock exchange.

During the pre-development phase, the certificate entitles APEC’s geothermal project to all the rights and privileges provided for under EO 30 series 2017, including action on the application within 30 working days.

EO 30 was signed by President Rodrigo R. Duterte in June 2017, while the Energy department issued the implementing rules and regulations in April 2018.

The project in Kalinga, Cordillera Administrative Region will enjoy presumption of prior approval, that is, it is presumed to have already complied with the requirements and permits from other government permitting agencies.

It will be deemed approved if no action is made five days after the lapse of the 30-working day period for processing of the application.

APC said the submission of monthly monitoring sheet is every 10th of the succeeding month to the EICC secretariat. It will list in detail the progress of the implementation of the project with respect to its permitting requirements.

The company said the certificate for the pre-development stage was issued in favor of APEC, its majority owned subsidiary.

source: http://www.bworldonline.com/apcs-kalinga...get-perks/


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