ENERGY Development Corp. (EDC) said Wednesday that it had been granted surface exploration and drilling rights, or preliminary survey assignments plus exploration (PSPE), for two greenfield geothermal projects in Indonesia.
Indonesia’s Ministry of Energy and Mineral Resources awarded the PSPE for the Koto Sani Tanjung Bingkung and Bora Pulu geothermal projects during the 10th Indonesia International Geothermal Convention and Exhibition from September 18-20.
EDC said it planned to invest around $456 million for the two projects with an estimated capacity of 40 megawatts (MW), which could still change once the geoscientific surveys are completed.
“This achievement marks a significant milestone in realizing EDC’s mission to forge collaborative pathways to a decarbonized and regenerative future, not only in the Philippines but in the region as well and beyond,” EDC head of business development Joeffrey Caranto said.
Caranto said the move was aligned with EDC’s growth strategy under the 13,000-MW low-carbon energy portfolio targeted by parent firm First Gen Corp. for 2030, 9,000 MW of which will come from renewable energy.
Shares of First Gen rose by 18 centavos, or 1.03 percent, to P17.74 each on Wednesday amid a 0.31-percent rise for the benchmark Philippine Stock Exchange index.
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