EDC explores investments in Latin America projects

MANILA, Philippines - Lopez-led Energy Development Corp. is exploring opportunities to invest in renewable energy projects in Latin America in the next two years, its top official said.

A couple of developments have opened up opportunities in the renewables sector in Latin America, EDC president and COO Richard Tantoco said.

“You know what’s happening in Latin America, especially in Chile, they recently have two coal-fired power plants that were cancelled,” he said.

“The time is right for geothermal to happen there within the next one to two years,” Tantoco said.

Latin American countries are also sending out invites to developers to invest in the renewables sector and EDC is studying these opportunities but there are no concrete plans , the company official said.

“There are also invitations from other countries in the region to invest in RE, so we’re looking at it,” Tantoco said.

In October, EDC decided to postpone drilling activities at the Mariposa geothermal project in Chile due to the challenging environment arising from the recent fall in global oil prices.

The Lopez-led firm, however, said it remains committed to develop the project as it continues to be optimistic on the long-term prospects of the Chilean energy market.