EDC withdraws from geothermal projects in Peru

Survey work at the Quellaapacheta project, Peru (source: Hot Rock Peru via flickr/ Geothermal Resources Council, creative commons)

Philippine-based geothermal developer Energy Development Corporation (EDC) has formally announced its exit from its geothermal concessions in Peru, citing “political and market factors” and a need to refocus on the Philippine domestic energy market as its reasons. The announcement was made by listed parent firm First Gen Corporation via the Philippine Stock Exchange.

EDC’s involvement in the geothermal market in Peru can be traced back to 2011 after the acquisition of controlling stakes in four geothermal sites in Chile (Calerias and Longavi) and Peru (Chocopata and Quellaapacheta) from Australian firm Hot Rock Energy. Since then, EDC has conducted exploration surveys in both Chile and Peru.

EDC had also entered into an agreement with Canada-based Alterra Power Corp for the joint development of geothermal projects in Chile and Peru.

The executives of the company stated that investments will now be concentrated on the domestic energy market, in support of the energy transition movement being advocated by the Government of the Philippines. Before the end of 2022, EDC announced a five-year geothermal capacity expansion plan that aims to add 100 MW to the company’s installed capacity.

Source: Manila Bulletin