Energy Development Corp. abandons Peru geothermal project
MANILA -Lopez-led renewable energy firm Energy Development Corp. (EDC) has abandoned its geothermal exploration activities in Peru, citing political and market factors.
In a disclosure to the Philippine Stock Exchange on Friday, EDC, through parent company First Gen Corp., said the board of directors of its Peru SAC unit had decided to halt development activities in the Latin American country.
This is despite announcing in 2021 that it would continue its geothermal development plans and investment in Peru, Chile and Indonesia while also expanding operations in the Philippines.
EDC, the 100-percent renewable energy firm of First Gen, has several geothermal licenses in Peru and Chile.
In 2020, the company said pre-development activities were stalled for some of its concessions for geothermal exploration in the two countries.