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EDC spending $12.5M in Chilean geothermal project this year means BUSINESS

MANILA - Energy Development Corp (EDC) will drill additional wells in the Mariposa geothermal prospect in Chile within the next two years.

Richard B. Tantoco, EDC president and chief operating officer, today told reporters that the company continues to invest in needed infrastructure for the Mariposa project.

This year, the company will spend $12.5 million for roads, drilling pads and the water supply system in the 104,000-hectare geothermal concession 250 kilometers south of Santiago City. 

The amount is on top of the $2.5 million the company has spent since signing up last year to develop the geothermal prospect.

Tantoco said EDC will ramp up investments in the project in the next two years for additional infrastructure and drilling activities.

"In 2015 and 2016 we expect to spend another $46 million in drilling three wells and building associated facilities like camps, etc. These efforts support EDC's goal of having the Mariposa project become one of the pioneering geothermal plants in Chile," he added.

EDC acquired a 70 percent stake in the Mariposa project from Alterra Power Corp of Canada in 2013 in line with the Philippine company's thrust to establish a beachhead abroad. 

Although the Lopez-led firm is the world's largest integrated geothermal energy company with its portfolio of steam fields and power plants, the company's operations are solely based in the Philippines.