Green Core Geothermal Inc. was declared by the Power Sector Assets and Liabilities Management (PSALM) Corporation as the highest bidder for the 192.5-megawatt (MW) Palinpinon and 112.5-MW Tongonan geothermal power plants in the bidding conducted today (02 September 2009) at the PSALM office in Makati City.

Green Core offered USD220 million for the two Visayas-based geothermal plants to edge out Therma Power-Visayas Inc. which bid USD200 million.

Green Core is a wholly-owned subsidiary of First Luzon Geothermal Energy Corporation, which is wholly owned by the Energy Development Corporation (EDC).

The bidding procedures require PSALM to verify the accuracy, authenticity, and completeness of the bid documents that Green Core had submitted before the company can be formally declared the winning bidder of the packaged sale of the Palinpinon-Tongonan power facilities.

Located in Valencia, Negros Oriental, the Palinpinon Geothermal Power Plant consists of two power stations — Palinpinon I and II — which are approximately five kilometers apart. Commissioned in 1983, Palinpinon I comprises three 37.5–MW steam turbines for a total rated capacity of 112.5 MW. Palinpinon II, on the other hand, consists of three modular power plants: Nasuji, Okoy 5, and Sogongon. The 20-MW Nasuji was commissioned in 1993, while the 20-MW Okoy 5 was commissioned in 1994. Commissioned in 1995, Sogongon is composed of the 20-MW Sogongon 1 and 20-MW Sogongon 2.

Situated in Sitio Sambaloran, Barangay Lim-Ao, Kananga, Leyte Province in Eastern Visayas, the Tongonan Geothermal Power Plant consists of three 37.5-MW units which were commissioned in 1983.

Both plants use steam supplied by the EDC.