Top Philippine geothermal power producer expanding overseas

Has allotted US$40 million for geothermal projects in Chile, Peru and Indonesia.

Energy Development Corporation is looking for opportunities in developing geothermal energy in other countries, but Chile, Peru and Indonesia are those which are likely to have results by next year.

“We’re pursuing it now, we have teams exploring the sites. We hope to drill in Chile by next year,” said Richard Tantoco, EDC president.

The company will spend some US$2.5 million this year for exploration funding. It has set aside about US$40 million for drilling next year.

EDC’s Mariposa project in Chile is a joint venture with Canada-based Alterra Power Corporation.

For the Quellaapacheta project in Peru, EDC has formed a new company with Australian partner Hot Rock Ltd. to develop a geothermal site in which EDC will take a majority stake.

EDC expects to begin geotechnical studies in Indonesia within the second quarter of this year. Tantoco said that by the end of 2013, EDC expects to have a firm view of the geothermal potential of the site and whether or not we will invest in developing the project site.