NEWSSelection of the Rehabilitation Project of Power Generation System at Palinpinon Geothermal Power Plant in the Republic of the Philippines for the Subsidy Programme for the Joint Crediting Mechanism (JCM) Facility Introduction

December 10, 2025

ITOCHU Plantech Inc. (hereinafter “ITOCHU Plantech”) , as the representative participant, has been selected for the project “Rehabilitation Project of Power Generation System at Palinpinon Geothermal Power Plant” in the Republic of the Philippines, for the “Subsidy Programme for the Joint Crediting Mechanism (JCM) Facility Introduction ^*1” in FY 2025 implemented by Ministry of the Environment, Japan and its executing body, Global Environment Centre (GEC).

The project is to uprate two steam turbines that had been in operation for more than 40 years in Palinpinon I Geothermal Power Plant located on Negros Island, Republic of the Philippines, owned and operated by Green Core Geothermal Inc. (hereinafter “GCGI”), a subsidiary of Energy Development Corporation. ITOCHU Plantech will supply its relative facilities to GCGI and throughout this project, it is expected to increase power generation capacity to a total of 84 MW from 75MW and reduce greenhouse gas (GHG) emissions by approximately 37,000 tCO2 per year. Geothermal power generation is a form of sustainable energy, which uses geothermal steam to generate electricity, thereby reducing GHG emissions by replacing fossil fuel-derived grid electricity with renewable energy. Moreover, another notable feature is its capability to operate stably 24 hours a day regardless of weather conditions, making it a reliable baseload power source that contributes to the stable supply of electricity in the country.

We, ITOCHU Plantech, will continue to strive for providing solution on social issues and the development of low-carbon and sustainable infrastructure.

The official statements from Ministry of the Environment, Japan and the Global Environment Centre regarding this project can be found at the following links:

• [Ministry of the Environment, Japan] (Released on November 14, 2025)
  Decision on the Second Round of Selected Project under the FY2025-FY2027 JCM Financing Programme
  https://www.env.go.jp/en/press/press_00739.html
• [Global Environment Centre] (Released on November 14, 2025)
  JCM Project Introduction Page
  https://gec.jp/jcm/projects/25pro_phl_01/

Note 1: Ministry of the Environment, Japan has been implementing the Subsidy Programme for the JCM Facility Introduction, which provides financial support of up to a 1/2 of the initial investment cost for projects. Representative participants in the Projects shall conduct measurement, reporting, and verification (MRV) of GHG emission reductions. In addition, this financing support programme is expected to contribute to global decarbonization by disseminating and deploying advanced decarbonizing technologies while ascertaining in detail the needs of partner countries. This program is being implemented with the cooperation of the governments of the Philippines and Japan.