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Envent Pre-Qualified in the Tender Process for Two New Geothermal Areas in the Philippines

Manila, Philippines, December 10, 2009 ─ Envent Holding Philippines Inc., a major geothermal developer in the Philippines, has been pre-qualified in the tender process for two new geothermal areas that are being offered under the latest Philippine Energy Contracting Round (PECR).

Envent is one of four companies that prequalified for Daklan, Benguet, which covers 23,639 hectares and has 20 to 60 MW of capacity. The company is also being considered for Mt. Labo, Camarines Norte, a 9,324.30 hectares area with 65 MW.

It's estimated that the 10 geothermal areas that were offered for bidding can generate as much as 386 megawatts of power. The projects will need an estimated investment of up to $965 million, assuming that $2.5 million will be needed to produce a megawatt of geothermal power.

The Department of Energy (DOE) is expected to award the contracts between January 29 and February 12, 2010.

Comments:

Mr Gudmundur F. Sigurjonsson, Chief Executive Officer, Envent:

"We are currently working on several geothermal projects in the Philippines, and are pleased that the Department of Energy pre-qualified us for these two projects. We are committed to the Philippine market and to the Philippine government's goal of an additional 1,200 MW of renewable energy capacity by 2013."