INTERVIEW-Philippines targets $2.5 bln geothermal development

Published: 04 Nov 2009 18:35:38 PST

HONG KONG, Nov 5 - The Philippine government aims to approve contracts to explore and develop the country's massive geothermal energy resources, which could attract over $2.5 billion in private investment, a department of energy official said.

The Philippines, the world's second-largest developer of geothermal energy, plans to approve 19 deals in the next five months to allow foreign and domestic companies accesss to geothermal projects, the division chief for geothermal energy at the Philipine Energy Department, Alejandro Oanes, told Reuters.

Philippine power producer Energy Development Corp <EDC.PS> and Envent, a unit of Geysir Green Energy, one of Iceland's biggest geothermal energy companies, were among groups vying for contracts to tap the country's geothermal resources, he said.