EDC looks at further expansion in Chile, Peru and Kenya

EDC drilling rig 14 (source: EDC)

Alexander Richter 17 Sep 2012

Energy Development Corp. will continue to look for opportunities in developing geothermal energy in other countries, so recent news from the Philippines.

The company has a pending application for preliminary survey rights in Indonesia and is looking to develop geothermal projects in Peru and Kenya as well.

“We are now expanding our international resources so we can better understand the local settings to complement our more than 35 years of technical expertise developed in the Philippines.”  EDC president and chief operating officer Richard Tantoco said.

EDC reported that it is also keen on setting up an office in Peru after local offices in Chile and Indonesia were already established.

“We recognize that developing a geothermal project takes a lot of time and resources, and has an element of risk in terms of finding the geothermal resource.  But with our technical expertise, solid track record and strong financial position, we remain confident about EDC’s long-term prospects in the international arena.” Tantoco said.

The Lopez-led firm also reaffirmed its commitment to develop geothermal resources in Chile where it recently dropped two projects.

In July this year, EDC decided not to pursue the Calerias and Longavi projects in Chile after finding out that the areas were not commercially viable.

The company, however, said it aims to still pursue the best available geothermal sites in Chile in its bid to develop the first geothermal power plant in the country.

EDC said it plans to undertake preliminary survey work in the three geothermal exploration concession areas of Newen, San Rafael and Batea, as well as pursue other concession areas in Chile.

EDC has four pending applications for geothermal concessions in Chile.”

Source: Malaya Business Insight