InterAksyon.com
The online news portal of TV5
MANILA, Philippines – The country’s biggest geothermal energy producer on Friday said it is taking over four geothermal projects in Chile and Peru.
Federico Lopez, chief executive of Energy Development Corp. (EDC), said it entered a joint venture with Australia’s Hot Rock Ltd. (HRL) to co-develop the Calerias and Longavi projects in Chile, and the Quellaapacheta and Chocopata projects in Peru.
Under the two firms’ agreement, EDC would acquire a 70 percent stake in each of the projects.
“We are pleased with the speedy conclusion of the negotiations with HRL as we now look forward to starting exploration work in what we view as attractive geothermal concessions in both Chile and Peru. These projects will showcase EDC expertise and help elevate the company as a Philippine corporate champion on the world stage,” Lopez said.
He said the two companies are considering partnerships in HRL’s existing sites, which number 23 across Australia, Chile and Peru.
EDC recently bagged the contract to develop the Newen, San Rafael and Batea geothermal exploration concession in Chile.
"A full team of geothermal scientists will be deployed to Chile this month to start development activities on the joint venture projects and the EDC granted projects," Lopez said.
EDC also submitted 13 applications for geothermal concessions in Chile, and is looking at opportunities in Indonesia and Kenya.
“The acquisition of these concessions in Latin America are the first steps in realizing our vision to establish a global presence and further solidify our position as the pre-eminent international leader in geothermal power development,” Lopez said.
EDC shares on Friday fell to P5.64 each from Thursday’s close at P5.69.
