Manila Times.net
ENERGY Development Corp. (EDC) will vie for geothermal concessions in Chile.
The Philippines’ largest geothermal energy developer recently incorporated a new subsidiary, EDC Chile, to scour for potential projects in the South American nation.
“EDC Chile was created for the purpose of exploring, evaluating and extracting mineral or substance to generate geothermal energy,” EDC said.
Based on the Chilean government’s bidding rules, EDC, as the mother company, should show it can support its unit financially before participating in a geothermal auction.
EDC said it already issued an $80 million letter of credit to its subsidiary.
Besides Chile, EDC was also invited to bid for geothermal contracts in Kenya.
“There’s nothing definite yet on this. But we have been invited to a bidding in Kenya,” Richard Tantoco, EDC president and chief operating officer, said.
EDC’s shares rose to P6.05 apiece on Friday from P6.02 on Thursday.
Euan Paulo C. Añonuevo
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