Energy Development Corporation (EDC) acquired a 70% stake in four geothermal projects in Chile and Peru. EDC and Australian partner Hot Rock Limited (HRL) entered into a joint venture agreement on February 2, 2012 to codevelop the Calerias and Longavi projects in Chile and the Quellaapacheta and Chocopata projects in Peru, with EDC obtaining a 70% interest in each of the projects.

“We are pleased with the speedy conclusion of the negotiations with HRL as we now look forward to starting exploration work in what we view as attractive geothermal concessions in both Chile and Peru,” EDC chairman and CEO Federico R. Lopez (FRL) said. “These projects will showcase EDC expertise and help elevate the company as a Philippine corporate champion on the world stage.”

HRL has been among the first to obtain some of the most attractive concession areas in Latin America. EDC, in partnership with HRL, seeks to accelerate the development of the projects. Both companies are looking at the possibility of expanding the scope of partnership by including HRL’s other sites.

With the confirmation by the Ministry of Energy of the award to EDC of the Newen, San Rafael and Batea geothermal exploration concession areas to be exclusively developed by EDC, the company now boasts a portfolio of geothermal exploration projects in Chile. A team of geothermal scientists was recently deployed to Chile to start development activities on the joint venture projects and the EDC-granted projects. EDC has also submitted 13 applications for geothermal concessions in Chile, and is looking at opportunities to develop geothermal projects in Indonesia and Kenya.

“The acquisition of these concessions in Latin America are the first steps in realizing our vision to establish a global presence and further solidify our position as the preeminent international leader in geothermal power development,” FRL said.