The Lopez Group’s Energy Development Corp (EDC) announced that they are seeking geothermal projects in the country of Kenya in Africa. They have received an invitation to bid for geothermal projects and are currently studying whether it is a feasible endeavor or not.

One of the main targets of the company for 2010 is to strengthen its presence in the international market which will lead to more income generation. There had been rumors that EDC had bid for a geothermal drilling project in Chile. What EDC however has confirmed was that they were eyeing expansion in South Asia and in the Middle East.
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The Lopez Group’s, Energy Development Corp, through their subsidiary Green Core Geothermal Inc. (GCGI), disclosed to the Philippine Stock Exchange, that they were pre-paying to the government’s Power Sector Assets and Liabilities Management Corp. (PSALM) over $123.8 million for the purchase of the Panlinpinon and Tongonana geothermal power plants.
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Energy Development Corp (EDC), vice chairman Paul Aquino, said that they were mulling putting up additional wind power plants in their Pagudpud, Ilocos Norte site. This will add further to their on-going 86 MW wind power project in Burgos, Ilocos Norte which they plan to have running by Q3 of 2010.

Initially the Burgos project was supposed to generate only 40MW of wind power generated electricity but due to the anticipated increase in demand for energy they decided to bump up their capacity.
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Green Core Geothermal Inc, a subsidiary of First Luzon Geothermal Energy Corp., which is owned by the Lopez Group’s Energy Development Corp (EDC) recently bagged the Panlinpinon-Tongonana geothermal plant during public auction by the PSALM.

Their bid of $220 million beat out the Aboitiz Groups’s $200 million offer, solidifying further their hold as the Philippine’s number one producer of Geothermal energy.
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Energy Development Corp. (EDC) now owns the 52-megawatt (MW) Mindanao I and 54-MW Mindanao II geothermal power plants after it was turned over to them via a Built-Operate-Transfer Scheme by Mindanao I Geothermal Partnership (M1GP). The two plants, located in Kidapawan North Cotobato, generate about 10.56 percent of the electricity supply for Mindanao.
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Energy Development Corp (EDC) of the Lopez Group is said to be remiss in paying their real estate taxes to the local government of Leyte since 2004. The two affected properties are the 132.0 MW Upper Mahiao Power Plant and the 232.0 MW Malitbog Power Plant. Non payment of the real estate taxed would result in the provincial government auctioning off the two geothermal power plants.

So does this mean that part of the loan acquired by EDC from IFC will go to paying off their real-estate taxes?
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