Lopez family owned Energy Development Corp. (EDC) has been granted exploration and drilling rights needed as preliminary survey assignment plus exploration (PSPE) of greenfield geothermal projects in Indonesia.
The renewable energy company said Indonesia’s Ministry of Energy and Mineral Resource awarded the PSPE of the Koto Sani Tanjung Bingkung and Bora Pulu geothermal projects at the 10th Indonesia International Geothermal Convention and Exhibition held last month.
The EDC said each resource area has potential capacity of up to 40 megawatts (MW) and development cost could hit $228 million. Up to a maximum 80 MW of power may be generated but the investment required could cost $456 million.
The company also said each project requires 175 pairs of hands to develop, maybe more following the recent collection of geomagnetic, gravity and geology data for the resource areas.
“This achievement marks a significant milestone in realizing EDC’s mission to forge collaborative pathways to a decarbonized and regenerative future, not only in the Philippines but in the region as well and beyond,” said Jeff Caranto, EDC head of business development–international.
Caranto said the projects align with EDC’s parent firm First Gen Corp.’s low-carbon energy portfolio programmed to hit 13,000 MW by 2023.
Of the target, 9,000 MW is seen generated by renewable energy sources.
Last year, EDC scrapped plans to pursue a geothermal power project in Peru.
The company cited political and market factors for the pullout.
In 2020, the EDC identified prospective overseas projects to include Indonesia, Taiwan, Peru and Chile.
The EDC’s 1,169.85-MW geothermal portfolio accounts for 80 percent of the country’s installed geothermal capacity, making the Philippines the third largest geothermal energy producer in the world.
