October 3, 2024 | 12:00am
MANILA, Philippines — Lopez-led Energy Development Corp. (EDC) is looking to establish a foothold in Indonesia as it plans to invest roughly $456 million to develop two greenfield geothermal projects.
EDC, the renewable energy arm of First Gen Corp., has secured surface exploration and drilling rights, or preliminary survey assignments plus exploration, for the Koto Sani Tanjung Bingkung and Bora Pulu projects.
The projects are expected to produce a combined capacity of 80 megawatts (MW).
EDC head of business development-international Jeff Caranto said this achievement bodes well with the group’s mission to lead decarbonization efforts in the Philippines and Southeast Asia.
The First Gen group intends to expand its low-carbon energy portfolio to 13,000 MW over the next six years, of which 9,000 MW will come from renewables.
Caranto received the concession awards during the 10th Indonesia International Geothermal Convention and Exhibition held recently, which was also attended by Indonesian President Joko Widodo.
In 2018, EDC subsidiary PT EDC Indonesia (EDCI) was granted a decree by Indonesia’s Ministry of Energy and Mineral Resources for the exploration of the Graho Nyabu assignment area on Sumatra Island in Indonesia.
As stipulated in the decree, EDCI may explore and conduct drilling in the assignment area.
In the Philippines, EDC is investing around P24 billion to develop and activate four geothermal projects within the year.
Currently, the company’s portfolio includes about 1,480 MW of installed capacity, accounting for about 20 percent of the country’s total installed RE capacity.
EDC’s 11,185.4 MW provides around 61 percent of the country’s total installed geothermal capacity.
Be the first to comment