Chile, Philippines:

EDC Allots $58 million for Geothermal Projects in Chile (Business Mirror)

Drilling at Mariposa scheduled to begin in late 2015.

Philippines company Energy Development Corp. (EDC) is earmarking $58 million in capital expenditure (Capex) until 2016 to finance its geothermal projects in Chile.

EDC President Richard Tantoco said this year’s capex budget is around $12 million, while in 2015 and 2016 the listed firm is planning to set aside $46 million. “Capex for Chile this year is $12 million for roads, drilling pads and the water-supply system,” said Tantoco. EDC has spent $2.5 million for its international geothermal business in Chile to date.

For the next two years, EDC will allot $46 million to cover the drilling costs of three wells and construction of various facilities.

“These efforts support EDC’s goal of having the Mariposa project become one of the pioneering geothermal plants in Chile,” Tantoco added.

Joint venture partner Alterra and EDC have performed certain road construction and refurbishment activities in preparation for the drilling program scheduled to begin in late 2015.

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