Energy Development Corp., an affiliate of First Gen Corp. controlled by the Lopez group, has applied for 13 concession areas in Chile as part of its overseas expansion.
EDC president and chief operating officer Richard Tantoco said the company also “submitted bids for five other concession areas in Chile.”
Tantoco said EDC aimed to become an international geothermal company.
EDC formed a subsidiary in Chile, called EDC Chile Limitada, a limited liability firm incorporated in Santiago, Chile, to engage in exploration, evaluation and extraction of mineral or substance to generate geothermal energy.
Tantoco said EDC was also exploring geothermal areas in Indonesia for possible development.
“In Indonesia, progress has been slower as we continue to explore areas and consider joint venture with holders of concession areas,” Tantoco said.
EDC has also applied for greenfield concession areas in Indonesia.
Tantoco said EDC had received offers for potential joint ventures in Chile, Indonesia and other countries due to the company’s 35-year headstart and expertise in geothermal technology.
“Here, we will tread carefully and prudently, and work only in jurisdictions with attractive resource and favorable investment environment,” the official said.
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