The Department of Energy declared the Kalinga geothermal prospect of Aragorn Power and Energy Corp. as an energy project of national significance.
Parent APC Group Inc. said in a disclosure to the Philippine Stock Exchange Monday the Energy Investment Coordinating Council through the DoE recently approved the application of Aragorn Power to develop the Kalinga geothermal area as an energy project of national significance.
Aragorn Power said the status assures action on its application within 30 working days.
The company along with partner Guidance Management Corp. owns the geothermal service contract in the province of Kalinga covering an area of around 26,000 hectares.
The area is estimated to have a power generation potential of between 120 megawatts and 200 MW.
The department granted Aragorn and Guidance the five-year contract in 2008.
The APC Group has investments in energy, mining, and manpower outsourcing businesses and telecommunications.
The Philippines is the world’s second largest geothermal energy producer, second to the US.