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EDC gets 70% stake in geothermal projects in Chile, Peru
EDC President & COO Richard Tantoco and HRL Executive Chairman Dr. Mark Elliott sealing the
Joint Venture Agreement to develop geothermal projects in Chile & Peru.
Geothermal leader 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 (JVA) on February 2, 2012 to co-develop 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. These projects will showcase EDC expertise and help elevate the company as a Philippine corporate champion on the world stage,” EDC Chairman and CEO Federico Lopez said.
HRL had acquired 23 geothermal tenements across Chile, Peru and Australia. With an experienced and accomplished geothermal team, the company has been among the first to identify and obtain some of the most attractive concession areas in Latin America.
As the world’s largest integrated geothermal power producer, EDC, in partnership with HRL, now seeks to accelerate the development of the Projects and offer a clean, reliable and indigenous source of energy to the people of Chile and Peru. EDC and HRL are looking at the possibility of expanding the scope of partnership by including HRL’s other sites.
With the recent confirmation by the Chilean 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 boasts a portfolio of geothermal exploration projects in Chile. A full team of geothermal scientists will be deployed to Chile this month to start development activities on the joint venture projects and the EDC granted projects.
With over 35 years of experience in developing geothermal power projects in the Philippines, EDC now looks to leverage its technical expertise and expand its operations globally. EDC has also submitted 13 applications for geothermal concessions in Chile, and is also 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 pre-eminent international leader in geothermal power development,” Lopez added.
EDC is the world’s largest integrated producer of geothermal power and the acknowledged global leader in wet steam technology. EDC is engaged in the exploration, development and optimization of geothermal fields, as well as the operation and maintenance of the geothermal power plants with an aggregate capacity of 1,130 MW.
EDC unit signs power supply deal with Negros Occidental electric cooperative
Deal for clean energy. EDC President & COO Richard Tantoco (third from right) and CENECO President Atty. Arnel Lapore (third from left) seal the power supply agreement that will enable the Negrenses to benefit from geothermal energy. Others in the photo are from left to right: CENECO treasurer Cesar Leonardia, CENECO VP Michael Maravilla, Lapore, Tantoco, EDC EVP Ernesto Pantangco & GCGI SVP Lito Santos.
Green Core Geothermal Inc. (GCGI), the power arm of geothermal leader Energy Development Corporation (EDC), will start delivering clean, reliable and affordable power to the Central Negros Electric Cooperative (CENEC0) this December. Based on the power sales agreement signed by the two parties, GCGI will supply 10 MW to CENECO from December 26, 2011 to June 25, 2014, and 20 MW beginning June 26, 2014 up to December 25, 2021.
“We’ve been hoping to forge this agreement with Green Core. This is indeed good news for our franchise areas because we will be delivering not only clean energy but a low-cost one since geothermal is VAT zero-rated,” CENECO President Atty. Arnel Lapore said.
EDC President and COO Richard Tantoco is likewise pleased to partner with CENECO in supporting the growth needs of the province and power requirements of its franchise areas. “CENECO’s residential and industrial customers will benefit from this partnership. On top of being VAT zero-rated, the electricity price of geothermal being indigenous and renewable is not escalated using adjustment formula that considers movements in global fuel prices and foreign exchange. Our rate provides for a once a year adjustment only using the Philippine Consumer Price Index.”
Green Core has always prioritized electric cooperatives in its host areas so they can enjoy the benefits of clean, reliable and affordable power. Geothermal’s many advantages have been the reason for electric cooperatives to sign long-term power supply contracts with Green Core.
In 2010, Green Core signed power supply contracts with 12 electric cooperatives and two industrial customers which supply the power requirements of 157 cities and municipalities in Visayas, specifically in the provinces of Leyte, Cebu, Negros, and Panay.
Green Core owns and operates the 112.5-MW Tongonan geothermal plant in Leyte and 192.5-MW Palinpinon geothermal plants in Negros Oriental.
EDC, DENR to establish PH’s 1st arboretum of 96 premium species
EDC Senior Vice President Agnes de Jesus and DENR Region 7 Regional Executive Director Maxino Dichoso seal the green partnership. Also in photo is Ms. Ema Milana, Ecosystems Research and Development Sector (ERDS) Regional Technical Director.
Geothermal leader Energy Development Corporation (EDC) and the Department of Environment and Natural Resources (DENR) will establish a seed bank and arboretum using 96 endangered Philippine tree species in Puhagan, Valencia, Negros Oriental. The 9.35-hectare arboretum will be a germplasm – a living collection of the rare, threatened, endangered indigenous and endemic prime timber species that can be a source of propagation materials in the future.
DENR Region 7 Executive Director Maxino Dichoso and EDC Senior Vice President Agnes de Jesus signed the Memorandum of Agreement (MOA) that will pave the way for the establishment of the arboretum. The arboretum will also serve as a learning and training facility for students, faculty, plant enthusiasts, ecotourists and other people of various walks of life. It will also serve as a research laboratory for biological and environmental scientists.
The EDC Arboretum will host the 96 species belonging to Dipterocarp and non-Dipterocarp families. These species are categorized into threatened, vulnerable, rare and endangered status based on the rules of DENR and the International Union of Conservation of Nature.
Dichoso lauded EDC for another groundbreaking green initiative. “This is the first arboretum initiated by the private sector that will focus on the genetic conservation of 96 endangered premium native species. It is a major effort that is consistent with the National Greening Program.”
Based on the MOA, EDC will provide the concept and design as well as the budget for the establishment of the arboretum while DENR will undertake site identification, survey and assessment of 10 hectares of forestland suitable for an arboretum within the Southern Negros Geothermal Production Field (SNGPF).
The project is a component of EDC’s landmark greening project BINHI which aims to help restore the country’s forest cover, enhance forest ecosystems, and contribute in rescuing and securing the gene pool of endangered premium Philippine timber species.
“Together with the DENR, our reforestation efforts have led to the increase in the forest cover of SNGPF by 14%. Now that the forest is protected, we are expanding the area and preserving biodiversity for climate change adaptation through BINHI,” de Jesus explained.
BINHI is aligned with the government’s National Greening Program (NGP). The arboretum project is part of the MOA on NGP. One of BINHI’s primary targets is to educate the general public about the importance of planting not just any tree but especially those that are most precious to the Filipinos’ sustainable development and national identity. Ultimately, BINHI seeks to empower the target publics so they may go the extra green mile individually or collectively.
BINHI has four major components: tree for the future, tree for life, tree for food, and tree for leisure. The tree for the future component is the flagship program of BINHI. Its aim is to recover the biodiversity of the country by establishing a tree park in every province and in selected cities and schools using prime endangered species. Fifty per cent (50%) of the seeds to be harvested from the planted trees shall then be given back to EDC which will put up a seed bank for future forests. In the future, EDC envisions that the reforestation efforts of the country will use these premium and economically important species.
The tree for life component aims to address the ecological problems of the country by establishing protection forests through assisted natural regeneration (ANR) or rainforestation farming. EDC will target to bridge the forest gaps between important mountain systems in order to avoid fragmentation of habitats of these valuable ecosystems.
The tree for food component aims to hasten re-vegetation of open and denuded forest lands and at the same time provide significant source of livelihood for the farmers living inside EDC’s geothermal reservation areas.
The tree for leisure component is intended to provide recreation, enjoyment and study sites for students, visitors and local communities while preserving the natural beauty and ambiance of the forest’s protection zone.
EDC receives 3 Philippine Quills for outstanding programs
Energy Development Corporation (EDC), the world’s largest integrated geothermal company, bagged three awards in the recent Quill Awards. EDC received an award of excellence and award of merit in communication management for “Values in Action: The EDC Sustainability Story” and “KEITECH: Producing the world’s greatest nation builders,” respectively, and a finalist citation for “Values in Action: The 2010 EDC Integrated Annual and Sustainability Report.” The Quill Awards is an annual recognition given by the International Association of Business Communicators (IABC) to outstanding communication programs. The awards were received by EDC’s Environmental and External Relations Group (L-R): Fernando Diaz de Rivera, Toni Nieva, Dave Devilles, Ivy Henson, Meianne Tejada, Lourdes Zaide, Tracy Peralta, Marsha Alvarado and Ronald Pahunang.