ENERGY Development Corp. (EDC), the renewable energy arm of Lopez-led First Gen Corp., said Friday it had rolled out the 28.9-megawatt (MW) Palayan binary geothermal power plant in the province of Albay.

EDC said the plant was part of the expansion of its existing 140-MW Bacon-Manito geothermal facility and had been successfully synchronized with the Luzon grid.

The plant has a projected gross annual generation of 253,000 megawatt-hours (MWh) and a projected net annual generation of 219,800 MWh.

With a project cost of around P7 billion, EDC said the Palayan binary geothermal power plant was harnessing thermal energy from brine, a by-product of EDC's 120-MW Palayan Bayan 1 flash geothermal power plant, to generate electricity without the need for additional steam.

The Palayan binary plant is expected to reduce the country's carbon emissions by an estimated 72,200 tonnes each year, EDC added.

"The construction of this plant began in the last quarter of 2021 amid the uncertainties of the pandemic. Despite these challenges, we have remained steadfast in advancing these projects while prioritizing the health and safety of all our workers," EDC President and Chief Executive Officer Jerome Cainglet said.

The Palayan plant is one of EDC's four geothermal growth projects planned and started during the Covid-19 pandemic, which were all targeted to be operational this year with a combined overall capacity of 86 MW.

The other three plants are the 28-MW Mahanagdong binary plant in Leyte, 20-MW Tanawon binary plant also in the Bac-Man area in Albay and the 5.6-MW Bago binary plant in Negros Occidental.

EDC is First Gen's 100 percent renewable energy subsidiary with an installed capacity of over 1,464.5 MW, accounting for almost 20 percent of the country's total installed renewable energy capacity.

First Gen's share price on Friday fell 1.23 percent to P17.60 apiece.