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MANILA, Philippines – EDC Geothermica SAC, a subsidiary of Lopez-led Energy Development Corp. (EDC), has entered into a joint venture with an Australian firm for a geothermal project in Peru.
In a disclosure to the Philippine Stock Exchange (PSE) on Thursday, May 2, EDC announced that EDC Geotermica SAC and Hot Rock Ltd. (HRL) unit Hot Rock Peru SA have entered into an agreement, creating Geotermica Quellaapacheta Peru SAC.
EDC is the controlling stakeholder, with 70% equity share.
“A company named Geotermica Quellaapacheta Peru SAC was established in Peru for EDC and HRL to jointly own, and develop the Quellaapacheta Authorization,” the disclosure read.
As specified in the agreement, EDC infused $400,000 in the joint venture. The company may receive a refund on its investment if it decides to withdraw from the project within 6 months. It would have to pay an additional $600,000 within 15 months if it goes ahead with the project.
The two companies also have a joint venture for geothermal projects in Chile.
EDC is the largest integrated geothermal energy producer in the world. The company’s core net income jumped 89% to P9.89 billion in 2012. – Rappler.com
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