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MANILA, Philippines - The Energy Development Corp. (EDC), the renewable energy development arm of the Lopez group, has intensified its overseas business exposure by applying more than 10 concession areas in Chile.
EDC president and CEO Richard Tantoco said they are expecting results from these efforts within the year. “Overseas, we have applied for 13 concession areas and submitted bids for five other concession areas in Chile. We expect positive news on some of these in 2011,” he said.
At the same time, he said they expect another $75-million financing from International Finance Corp. (IFC) towards the end of the year.
Recently, IFC, a member of the World Bank Group, granted EDC a $75-million financing to partly support the latter’s overseas ventures.
“It will also enable EDC to offer its geothermal energy expertise to countries like Indonesia, Papua New Guinea, and Chile,” IFC said.
Aside from Chile, he said they are exploring other areas for possible investment overseas.
But Tantoco said their efforts in other countries are not as aggressive as in Chile.
“In Indonesia, progress has been slower as we continue to explore areas and consider joint venture with holders of concession areas. In parallel, we are applying for greenfield concession areas,” he said.
Nevertheless, Tantoco noted that EDC will always have an edge on geothermal development ventures.
“Given our 35-year headstart and knowledge base with the largest ‘wet stream field laboratory in the world’, we are continuously being approached by potential joint venture partners in Chile, Indonesia and other countries,” he said.
But the EDC executive pointed out that the development process on these ventures will take time. “It will a long time as the development cycle will take at least six years,” he said. “These (overseas undertakings) may takeoff in 2015-2016,” Tantoco said.
Declining to give their investment estimates on overseas operations, he said a geothermal development project would cost to about $4 per megawatt (MW).
EDC created a subsidiary, EDC Chile Limitada which was a limited liability company incorporated on Feb. 11, 2010 in Santiago, Chile.
EDC Chile was created for the purpose of exploring, evaluating and extracting mineral or substance to generate geothermal energy.
EDC president and CEO Richard Tantoco said they are expecting results from these efforts within the year. “Overseas, we have applied for 13 concession areas and submitted bids for five other concession areas in Chile. We expect positive news on some of these in 2011,” he said.
At the same time, he said they expect another $75-million financing from International Finance Corp. (IFC) towards the end of the year.
Recently, IFC, a member of the World Bank Group, granted EDC a $75-million financing to partly support the latter’s overseas ventures.
“It will also enable EDC to offer its geothermal energy expertise to countries like Indonesia, Papua New Guinea, and Chile,” IFC said.
Aside from Chile, he said they are exploring other areas for possible investment overseas.
But Tantoco said their efforts in other countries are not as aggressive as in Chile.
“In Indonesia, progress has been slower as we continue to explore areas and consider joint venture with holders of concession areas. In parallel, we are applying for greenfield concession areas,” he said.
Nevertheless, Tantoco noted that EDC will always have an edge on geothermal development ventures.
“Given our 35-year headstart and knowledge base with the largest ‘wet stream field laboratory in the world’, we are continuously being approached by potential joint venture partners in Chile, Indonesia and other countries,” he said.
But the EDC executive pointed out that the development process on these ventures will take time. “It will a long time as the development cycle will take at least six years,” he said. “These (overseas undertakings) may takeoff in 2015-2016,” Tantoco said.
Declining to give their investment estimates on overseas operations, he said a geothermal development project would cost to about $4 per megawatt (MW).
EDC created a subsidiary, EDC Chile Limitada which was a limited liability company incorporated on Feb. 11, 2010 in Santiago, Chile.
EDC Chile was created for the purpose of exploring, evaluating and extracting mineral or substance to generate geothermal energy.
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