EDC set to pursue geothermal investments in Latin America

by Lenie LecturaJune 13, 2016

from Business Mirror

ENERGY Development Corp. (EDC), a subsidiary of First Gen Corp., is keen on pursuing geothermal investments in Latin America.

EDC President Richard Tantoco said the time is right for the company to showcase its expertise in geothermal-energy business outside of the Philippines.

“You know what’s happening in Latin America, especially in Chile. They recently had two coal-fired power plants cancelled. The time is right for geothermal to happen there within the next one to two years,” Tantoco said.

The company owns and operates 12 integrated geothermal power projects with an installed geothermal capacity of 1,169 megawatts (MW). EDC has received invitations from countries located in Latin America to invest in renewable energy (RE). “For example, in Mexico, we’re not doing anything yet, but we’re studying. Mexico’s energy sector is privatizing, deregulating.  So, we want to take a look,” he said.

EDC is the largest producer of geothermal energy in the Philippines and the second largest in the world.

The State of Hawaii, which is highly dependent on fossil fuels, earlier expressed interested to collaborate with EDC to help achieve its goal of shifting to 100-percent RE by 2045.

Luis P. Salaveria, a Filipino-American government official, who is the Director of the Department of Business, Economic Development and Tourism (DBEDT) in Hawaii, visited the Philippines last month to learn how Hawaii can incorporate geothermal power to reduce the state’s dependency on fossil fuels and increase efficiency measures.

During his Manila visit, Salaveria held a series of meetings with geothermal experts and top officials of EDC, acknowledged as a global leader in geothermal energy.

“As one of the biggest geothermal companies in the world, EDC could be a possible partner of Hawaii in a future cooperation agreement,” Salaveria said. “Hawaii is especially interested in gaining a deeper understanding of geothermal energy and how this RE source can help in achieving Hawaii Clean Energy Initiative goal.”