EDC and Alterra Sign JV Agreement to Explore for Geothermal in Chile & Peru (Philippine Daily Inquirer)
Energy Development Corp. (EDC) of the Philippines, has signed a Joint-Venture (JV) agreement with Canada-based Alterra Power Corp. for the joint development of four geothermal concession areas in Chile and Peru.
EDC said the JV agreement covered the Mariposa project in Chile and three other prospective blocks in Peru: Tutupaca, Loriscota and Crucero.
The plan is for EDC to “farm in” the project by providing the necessary investments to proceed with the drilling activities. It may be a no-premium deal, which means that EDC need not pay a premium or upfront cost, EDC president Richard B. Tantoco said.
At present, EDC is ramping up its exploration activities at home and abroad as it targets to add up to 1,200 MW to its existing portfolio within the next decade.
Half of this projected capacity is expected to come from its overseas interests, particularly in Chile, Peru, Indonesia and possibly Kenya.
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