EDC settles Bacman arbitration against Weir

ENERGY Development Corp. (EDC) on Tuesday said its subsidiary has reached an agreement with contractor Weir Engineering Services, Ltd. to end the arbitration proceedings over rehabilitation works for its Bacon-Manito (BacMan) geothermal power plant in Bicol region. In a disclosure to the stock exchange, EDC said Bac-Man Geothermal, Inc. (BGI) and Weir have agreed to jointly take steps to end arbitration.

The Lopez-led diversified renewable energy company said BGI had informed the parent company that all claims arising under the contract with Weir “have now been settled on terms satisfactory” to both sides.

As part of the deal, BGI also agreed to return $1.89 million to Weir.

Read more here.


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s