News

Mariposa project to be initial focus for EDC in Chile

Mariposa Drilling Site, Chile (source: Magma Energy)
Alexander Richter 10 Jan 2014

Energy Development Corp. (EDC) will focus on the Mariposa project in Chile, which the company acquired a majority stake in in 2013. It plans to invest up to $54 million in 2014 in Chile.

News have been rather spare on development in Chile. The acquisition and buying into projects in South America by Philippine based Energy Development Corp. (EDC), clearly was seen by many as a good sign that things might be picking up. We will have to see if this will materialize.

In news now, EDC reports that it will focus its work on the Mariposa project in Talca, Chile in 2014. Having analyzed the Chilean market for about three years, EDC last year decided to acquire in full or in majority stakes projects from Australian Hot Rock Ltd. and Canadian Alterra Power.

EDC plans to put $54 million to work in Chile focusing on drilling at the Mariposa project site. EDC bought itself into this project by Canadian Alterra Power in the middle of last year. The arrangement sees EDC to fully provide funding for the project from this point. The project has an estimated potential of up to 340 MW of generation capacity.

In the first phase the company will determine the certainty of the potential power generation at Mariposa. This is a long term effort and it is not expected that power will be generated within the next 7 years.

While exploring investment opportunities in Chile, EDC did not have concessions. The acquisitions of 2013 make EDC now a serious player in the market in South America.”

Source: Economía y negocios