Under the agreement, Energy Development Corporation will get a 70 per cent interest in the development asset portfolio and will be funding 100 per cent of the next $6 million of development costs. Next activities for these concessions will include advanced exploration activities designed to identify the best locations for power plant development and construction.
The
initial deal with Energy Development Corporation, a
Philippines-based player in the geothermal energy industry, was announced back in June 2013. EDC, whose operating portfolio of 11 geothermal power plants and two hydro facilities totals 1,262 MW of capacity, has been actively expanding its project portfolio to
Indonesia,
Peru and
Chile.