Energy Development Corporation (EDC) will continue to develop geothermal projects overseas despite the delays it encountered due to the COVID-19 pandemic.
The Lopez-led firm said that it is still keen on tapping the Indonesian and Taiwanese markets for its activities despite travel restrictions. EDC will also continue its pre-development activities in its geothermal concessions in India, Chile, and Peru.
Taiwan is one of the countries that EDC is looking into for potential expansion because of favorable feed-in-tariff for geothermal energy. Other than that, the company is also looking for partnership with local concession holders there for a possibile geothermal site joint venture development.
EDC also intends to begin civil works and drilling activities in Graho Nyabu, Indonesia and are expected to commence in the next few years, according to EDC President Richard Tantoco.
The company is currently the country’s largest renewable energy (RE) generating firm, contributing 42% of the country’s total generated RE output and around 11% of overall electricity demand with its total installed capacity of 1,473.3MW. Among its assets is the Mindanao Geothermal Plants at the foot of Mt. Apo in North Cotabato (photo above).
EDC recorded an Php11.5 billion profit in 2020, 6.6% lower than the previous year’s.