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.
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