Envent Holding Philippines Incorporated announces the signing of a Geothermal Service Contract for Biliran Island in Leyte, Philippines. Envent is a renewable energy business dedicated to the exploration and development of geothermal sources in the Philippines.
Envent is currently working on several geothermal projects in the Philippines and is committed to contributing to the Philippine government's target of an additional 1,200 MW of renewable energy by 2013. Envent's key shareholders are Reykjavik Energy Invest and Geysir Green Energy, both global leaders in developing the renewable energy sector, with specific focus on geothermal energy. Both companies are based in Iceland where an impressive 100% of the power capacity is derived from renewable sources (23% geothermal and 77% hydro).
The Biliran Geothermal Development Project is located on the island of Biliran in the Eastern Visayas region of the Philippines. An island province, Biliran lies just a few kilometers north of the island of Leyte. One of the smallest provinces in Philippines, Biliran is 555km2, with a population of 140,000 (2000 census). Its capital is Naval. The mountainous island is considered a compound volcano with a single historic eruption in 1939. It is estimated that Biliran has at least 100 MW of geothermal energy.
The upstream part of the project will be executed by Envent's associate company Biliran Geothermal Incorporated.
Mr. Thor Gislason, Chairman of the Board, Envent:
"We are pleased to have been chosen by the Department of Energy to undertake the project in Biliran. Envent's key shareholders have over the past decade established themselves as global leaders in the startup of new geothermal power plants. We are now committed to the Philippine market and the Philippine government's goal of an additional 1,200 MW of renewable energy capacity by 2013."
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