Quantcast
Latest Stories

EDC eyes interest in Chile project

By

MANILA, Philippines—Energy Development Corp., the country’s biggest producer of geothermal energy, is acquiring a 70-percent stake in a geothermal concession in Chile, which is currently owned by Canada-based Alterra Power Corp.

In a briefing last Friday, EDC president Richard B. Tantoco disclosed that the company was firming up a joint-venture agreement, which it hoped would be signed by EDC and Alterra Power in three months’ time.

According to Tantoco, EDC planned to use the same farm-in arrangement as what it did with Australian firm Hot Rock Ltd. Under this arrangement, the Lopez firm was able to acquire a 70-percent stake in four of Hot Rock’s geothermal concession areas in Chile and Peru.

“We will farm in with our investments. But it’s a no-premium deal, which means that we’re not paying them a premium or upfront cost. We will just pump in cash in the company as needed. [Alterra Power] got the Mariposa concession, drilled some shallow wells and constructed roads and now EDC will be coming in to do the deep drilling activities,” Tantoco explained.

In October last year, EDC already signified its interest in Alterra Power’s geothermal concession in Chile and five of Alterra’s geothermal authorizations in Peru.

The previous agreement signed last year between the two parties gave EDC the “exclusive right to conduct exploration and due diligence and the sole option to advance the projects to joint venture stage.” EDC is expected to invest in equity if the due diligence yielded favorable results.

EDC is racing against other foreign companies to build the first geothermal power plant in Chile as it aggressively pursues efforts to boost its operations globally.

EDC also owns three other geothermal exploration concession areas in Chile, namely Newen, San Rafael and Batea and is planning to pursue other prospective geothermal concession areas in that country.

EDC, which is acknowledged as a global leader in wet steam technology, is engaged in the exploration, development and optimization of geothermal fields as well as the operation and maintenance of geothermal power plants in the Philippines with an installed capacity of 1,130 megawatts.


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: alterra power corp. , Chile , Energy , Energy Development Corp. , Geothermal , Investments , Philippines



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • Enrile chief aide back in PH ‘to face charges’–report
  • Pakistan library named ‘bin Laden,’ as memory fades
  • US teacher fired over comment on black president
  • Magnitude-7.5 earthquake shakes Mexican capital
  • Title of new Hillary Clinton book: ‘Hard Choices’
  • Sports

  • Motivated LeBron James preps for postseason
  • Nadal ousted by Ferrer in Monte Carlo quarters
  • Pacquiao shorts in Bradley fight sold for P1.7M in LA auction
  • Ryu pitches Dodgers past Giants
  • Alonso sets the pace in Chinese GP practice
  • Lifestyle

  • Levine designs womenswear with help from fiancee
  • Gabriel Garcia Marquez, Nobel laureate, dies at 87
  • Ford Mustang turns 50 atop Empire State Building
  • Pro visual artists, lensmen to judge Pagcor’s photo contest
  • ‘Labahita a la bacalao’
  • Entertainment

  • Myx TV premieres Asian American ‘docu-series’
  • A nutty finale for ‘Scandal,’ TV’s craziest show
  • EXO postpones release of mini album ‘Overdose’
  • ‘X-men’ filmmaker slams ‘fabricated’ sex attack claims
  • Singer Chris Brown’s bodyguard on trial in DC
  • Business

  • US commerce secretary spells out economic facet of ‘pivot to Asia’
  • Italy sells luxury state cars on eBay
  • Asian shares mostly up in quiet trade
  • Dollar up in Asia on US jobs data, Ukraine deal
  • Barbie doll has a problem
  • Technology

  • Nasa’s moon-orbiting robot crashes down
  • Netizens pay respects to Gabriel Garcia Marquez
  • Nokia recalls 30,000 chargers for Lumia 2520 tablet
  • Facebook rolls out ‘nearby friends’ feature
  • Netizens seethe over Aquino’s ‘sacrifice’ message
  • Opinion

  • Editorial cartoon, April 17, 2014
  • A humbler Church
  • Deepest darkness
  • ‘Agnihotra’ for Earth’s health
  • It’s the Holy Week, time to think of others
  • Global Nation

  • Multicultural flock marks Good Friday in San Francisco
  • Las Vegas ‘Pinoy Pride’ fest hails Filipino heritage
  • Marking Jesus’ journey on Good Friday
  • Filipina accomplice arrested for fake bills in Malaysia
  • DoH denies Filipino nurse no longer positive for MERS virus
  • Marketplace