US-BASED GreenFire Energy, Inc. said on Thursday that it entered into an agreement with Lopez-led Energy Development Corp. (EDC) to restore an idle geothermal well within the local firm’s 180-megawatt (MW) project in Leyte.
In a press release, GreenFire said it would install and commission a heat mining system in EDC’s Mahanagdong geothermal facility by the fourth quarter. The system is said to help correct the “high level of non-condensable gases produced from the geothermal well when flowing.”
EDC’s public relations department confirmed the development.
GreenFire, which is headquartered in California, uses GreenLoop technology — a patented, closed-loop energy system — which generates power from geothermal sources where conventional geothermal systems cannot effectively operate.
“We have been looking at GreenFire Energy’s closed-loop approach to geothermal for some time and are happy to see the progress. While we see potential for the technology in large greenfield projects too, we see the fast payback on well retrofits as the easiest way to start,” EDC Senior Vice-President and Head of Facilities Operations and Maintenance Group Liberato S. Virata said in a statement.
Mr. Virata added that being able to generate steam from EDC’s idle geothermal wells will allow the firm to supply clean, reliable and stable power.
Joseph Scherer, GreenFire Energy’s chief executive officer said, “We really appreciate EDC’s willingness to consider and implement new solutions to geothermal wells and resources that have excellent potential but with production issues that can’t be addressed by conventional technology. Many geothermal operators around the world have similar needs, but EDC is one of the most innovative so we’re pleased to have the opportunity to work with them.”
In its media release, GreenFire said that it is also working with EDC to analyze unproductive geothermal wells and less productive geothermal fields “where the potential for using the technology will be of the greatest technical and economic benefit.”
EDC has a total installed capacity of over 1,400 MW, which account for 20% of the country’s installed renewable energy capacity. The firm also has an installed geothermal portfolio of over 1,200 MW, which make up 62% of the country’s total installed geothermal capacity.
Shares of EDC’s parent firm First Gen Corp. in the local bourse improved 1.69% or 50 centavos to finish at P30 each on Thursday. — Angelica Y. Yang
