EDC to continue expansion of geothermal portfolio in 2013

EDC to continue expansion of geothermal portfolio in 2013 Mariposa Drilling Site, Chile (source: Magma Energy)
Alexander Richter 7 Jan 2013

EDC plans to continue growing its geothermal portfolio in 2013, both in the Philippines and internationally, e.g. in Chile and Peru under an agreement with Alterra Power.

Reported over the weekend from the Philippines, Energy Development Corp. (EDC) , an affiliate of First Gen Corp., continues with plans to build out its geothermal portfolio in 2013.

The company plans to “build a portfolio of growth opportunities” through local and international joint ventures and partnerships, so EDC president t Richard Tantoco.

The company is exploring and developing geothermal projects, but also operating and maintaining geothermal power plants with a currently installed capacity of 1,130 MW. This makes EDC one of the leading geothermal developers and operators in the world today.

In September 2012, the company said it was looking at 17 new projects to boost its power portfolio over the long term, with the bulk coming from geothermal projects.

“Geothermal will make up 70 percent of the new projects, which also include wind and solar stations.

Energy Development is looking at 12 sites for possible geothermal development, including five expansion and two development projects, and five in frontier areas.

The company, meanwhile, is pursuing geothermal projects overseas.

The company plans to drill two wells in Chile in the next two years and pursue opportunities in Peru under an agreement signed with Canada’s Alterra Power Corp. in October.

The agreement allows Energy Development to conduct exploration field works and due diligence on Alterra’s geothermal concession in Chile and five areas in Peru.

EDC will study the development of Alterra’s Mariposa geothermal project in Chile and five of Alterra’s Peruvian concessions.”

The company though is careful in its endeavors and the company has decided not to pursue certain projects after initial exploration results were considered unsatisfactory in Chile.

Source: Manila Standard Today