Lopez Group confirms US$66 million energy investments in Latin America

Investments will go into geothermal exploration projects.

Energy Development Corporation, a subsidiary of the Lopez Group of Companies in the Philippines, said it will soon make available an investment of US$58.3 million for the Mariposa prospect in Chile.

In Peru, the Lopez Group will invest US$8.0 million for projects in the Tutupaca Norte, Loriscota and Crucero prospects. EDC said it will have operational and management control of the Peruvian company that will be established to run the projects.

EDC further noted that four shareholder agreements have been executed with Alterra Power for the various prospects.

"The terms of the project agreements call for EDC to fund the next $58.3 million in project expenditures in the Mariposa project and $8.0 million in project expenditures for all the Peruvian projects to top Alterra's past development costs," EDC stressed.

The Lopez Group has investments in broadcasting and cable; telecommunications; power generation and distribution; manufacturing and property development.