Energy Development Corp (EDC) is set to seal a joint-venture deal for a geothermal project in Indonesia in the second half of the year.
On the sidelines of the company's annual stockholders meeting, First Philippine Holdings Corp chief financial officer Francis Giles B. Puno said the Lopez-led firm is investing in a 220-megawatt power plant in the Southeast Asian nation.
EDC is a unit of First Gen Corp, which is owned by FPH.
Total investment cost for the entire project is over a billion dollars, with EDC's share pegged at "roughly $200 million," Puno said.
The Lopez-led company will take a minority stake in and management control of the power plants. Eventually, the company may secure majority control of the project.
FPH chairman Frederico Lopez said there are opportunities in the power generation space in Indonesia because the sector is just opening up.
"That's what we can provide as value-added. With our experience in geothermal, we can come into a country like Indonesia where there are lots of geothermal opportunities," Puno said.
Last year, EDC inked an agreement with Alterra Power Corp of Canada, giving it a 70-percent stake in four of the latter’s geothermal concessions in South American countries.
These prospects are the Mariposa geothermal project in Chile; and the Tutupaca Norte, Loriscota and Crucero geothermal projects in Peru.
"The opportunity to start investing heavily and getting back our return will be ahead in Indonesia compared to Latin America," Puno said.
Although EDC is the world's largest integrated geothermal energy company with its portfolio of steam fields and power plants, the company's operations are solely based in the Philippines.
- Interaksyon
On the sidelines of the company's annual stockholders meeting, First Philippine Holdings Corp chief financial officer Francis Giles B. Puno said the Lopez-led firm is investing in a 220-megawatt power plant in the Southeast Asian nation.
EDC is a unit of First Gen Corp, which is owned by FPH.
Total investment cost for the entire project is over a billion dollars, with EDC's share pegged at "roughly $200 million," Puno said.
The Lopez-led company will take a minority stake in and management control of the power plants. Eventually, the company may secure majority control of the project.
FPH chairman Frederico Lopez said there are opportunities in the power generation space in Indonesia because the sector is just opening up.
"That's what we can provide as value-added. With our experience in geothermal, we can come into a country like Indonesia where there are lots of geothermal opportunities," Puno said.
Last year, EDC inked an agreement with Alterra Power Corp of Canada, giving it a 70-percent stake in four of the latter’s geothermal concessions in South American countries.
These prospects are the Mariposa geothermal project in Chile; and the Tutupaca Norte, Loriscota and Crucero geothermal projects in Peru.
"The opportunity to start investing heavily and getting back our return will be ahead in Indonesia compared to Latin America," Puno said.
Although EDC is the world's largest integrated geothermal energy company with its portfolio of steam fields and power plants, the company's operations are solely based in the Philippines.
- Interaksyon
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