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MONDAY, 23 JULY 2012 19:54 PAUL ANTHONY A. ISLA / REPORTER
LISTED Energy Development Corp. (EDC) said on Monday it continues to actively explore the potential of geothermal projects in Peru under a joint-venture agreement with Hot Rock Ltd. (HRL).
In a disclosure to the Philippine Stock Exchange, EDC said it started the incorporation process of the Chocopata and Quellaapacheta project companies where it owns 70-percent equity.
EDC said completion of the transaction remains subject to certain conditions, including confirmatory due diligence and regulatory approvals on the transfer of the geothermal authorizations to the project companies pursuant to the terms of Peruvian joint-venture agreement and shareholders’ agreements.
Erudito Recio, EDC investor relations manager and corporate information officer, said they will be working on three areas which they have acquired.
A business development team is also in Chile to look for prospects available for joint ventures or even acquisition. The team will handle opportunities in other Latin American countries as well.
A full team of geothermal scientists will conduct initial geo-scientific surveys of the Calerias and Longavi, which are two geothermal projects covered by EDC’s Chilean joint venture with HRL and by the Longavi shareholders’ agreement.
In February, EDC said it acquired a 70-percent stake in four geothermal projects in Chile and Peru. “We are pleased with the speedy conclusion of the negotiations with HRL as we now look forward to starting exploration work in what we view as attractive geothermal concessions in both Chile and Peru. These projects will showcase EDC expertise and help elevate the company as a Philippine corporate champion on the world stage,” Federico Lopez, EDC chairman and chief executive, earlier said.
EDC said HRL had acquired 23 geothermal tenements across Chile, Peru and Australia. With an experienced and accomplished geothermal team, EDC said HRL has been among the first to identify and obtain some of the most attractive concession areas in Latin America.
As the world’s largest integrated geothermal power producer, EDC and HRL seek to accelerate the development of the projects and offer a clean, reliable and indigenous source of energy to the people of Chile and Peru.
EDC and HRL are also looking at the possibility of expanding the scope of partnership on other HRL-owned sites.
With over 35 years of experience in developing geothermal power projects in the Philippines, EDC now looks to leverage its technical expertise and expand its operations globally.
EDC has also submitted 13 applications for geothermal concessions in Chile, and is also looking at opportunities to develop geothermal projects in Indonesia and Kenya.
“The acquisition of these concessions in Latin America are the first steps in realizing our vision to establish a global presence and further solidify our position as the pre-eminent international leader in geothermal power development,” Lopez said.
EDC is the world’s largest integrated producer of geothermal power and the acknowledged global leader in wet steam technology. source
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