Business World Online
Posted on May 20, 2013 11:30:02 PM
LOPEZ-LED Energy Development Corp. (EDC) has signed an agreement with Canada-based Alterra Power Corp. to undertake four geothermal power projects in Chile and Peru, the Philippine geothermal firm said in a disclosure yesterday.
IN THE PHILIPPINES, Energy Development Corp. operates 12 power facilities in five geothermal service contract areas, including the 192.5-megawatt Palinpinon complex in Negros Oriental shown in this photo on the company’s Web site. -- energy.com.ph
EDC said it signed yesterday a joint venture agreement with Alterra for the Mariposa project in Chile and three geothermal projects in Peru identified as Tutupaca, Loriscota and Crucero.
“The agreement sets the framework and main commercial principles for EDC’s potential acquisition of a 70% interest in each of the four projects,” the disclosure read.
“Completion of the transaction remains subject to the preparation of fully termed documentation and necessary regulatory approvals.”
Earlier this month, EDC President and Chief Operating Officer Richard B. Tantoco said his company was working on the joint venture with Alterra for the Mariposa concession in Chile and that the latter had started exploration activities. He added that Alterra has built roads and drilled some shallow wells while EDC will come in to do the deep-well drilling.
Both firms had signed a preliminary agreement in October last year that gave EDC the “option to advance the projects to joint venture stage.”
Alterra, according to its Web site, is a renewable energy company that operates six power plants with an aggregate capacity of 567 megawatts (MW) in Canada, Iceland and Nevada in the United States.
Last month, EDC had also formed a joint venture company with an Australian partner, Hot Rock Ltd. (HRL), that will undertake geothermal resource exploration in Peru. The two companies established Geotermica Quellaapatcheta Peru SAC “for EDC and HRL to jointly own and develop the Quellaapacheta Authorization (project).” The new company was formed under a joint venture agreement between EDC and HRL and a shareholders agreement between EDC Geotermica and Hot Rock Peru S.A.
EDC currently operates 12 power facilities in five geothermal service contract areas in the country, including the 192.5-MW Palinpinon plant in Negros Oriental and 112.5-MW Tongonan plant in Leyte.
It is also involved in hydropower generation through First Gen Hydro Corp., which operates the 132-MW Pantabangan-Masiway plant in Nueva Ecija.
The company’s net income dropped by 5.24% to P2.982 billion in the first quarter from P3.147 billion in the same three months last year on the back of lower sales of electricity in that period.
EDC shares shed four centavos or 0.63% to close at P6.31 apiece yesterday from P6.35 each on Friday last week. -- Claire-Ann Marie C. Feliciano source
“Completion of the transaction remains subject to the preparation of fully termed documentation and necessary regulatory approvals.”
Earlier this month, EDC President and Chief Operating Officer Richard B. Tantoco said his company was working on the joint venture with Alterra for the Mariposa concession in Chile and that the latter had started exploration activities. He added that Alterra has built roads and drilled some shallow wells while EDC will come in to do the deep-well drilling.
Both firms had signed a preliminary agreement in October last year that gave EDC the “option to advance the projects to joint venture stage.”
Alterra, according to its Web site, is a renewable energy company that operates six power plants with an aggregate capacity of 567 megawatts (MW) in Canada, Iceland and Nevada in the United States.
Last month, EDC had also formed a joint venture company with an Australian partner, Hot Rock Ltd. (HRL), that will undertake geothermal resource exploration in Peru. The two companies established Geotermica Quellaapatcheta Peru SAC “for EDC and HRL to jointly own and develop the Quellaapacheta Authorization (project).” The new company was formed under a joint venture agreement between EDC and HRL and a shareholders agreement between EDC Geotermica and Hot Rock Peru S.A.
EDC currently operates 12 power facilities in five geothermal service contract areas in the country, including the 192.5-MW Palinpinon plant in Negros Oriental and 112.5-MW Tongonan plant in Leyte.
It is also involved in hydropower generation through First Gen Hydro Corp., which operates the 132-MW Pantabangan-Masiway plant in Nueva Ecija.
The company’s net income dropped by 5.24% to P2.982 billion in the first quarter from P3.147 billion in the same three months last year on the back of lower sales of electricity in that period.
EDC shares shed four centavos or 0.63% to close at P6.31 apiece yesterday from P6.35 each on Friday last week. -- Claire-Ann Marie C. Feliciano source
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