November 29, 2011 / 8:20 AM / 8 years ago

Philippines' EDC buys into Chile, Peru geothermal

MANILA, Nov 29 (Reuters) - The Philippines’ Energy Development Corp (EDC) said on Tuesday it signed an agreement to acquire a 70 percent interest in four geothermal concession areas in Chile and Peru from Australia-based renewable energy firm Hot Rock Ltd.

EDC, the country’s largest geothermal power producer, told the Philippine Stock Exchange the geothermal sites held by Hot Rock lie in the volcanic regions of Calerias and Longavi in Chile and the Quellaapatcheta and Chocopata regions in Peru.

The firm did not disclose the terms of the deal. Completion of the sale is subject to certain conditions, including documentation, due diligence, and regulatory and government approvals, it said.

The Philippines is the world’s second largest geothermal producer after the United States.

Shares of EDC closed down 0.2 percent while the broader market fell 0.4 percent. (Reporting by Erik dela Cruz; Editing by Rosemarie Francisco)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below