«There are 29 countries in the Pacific Ring of Fire that have geothermal potential,» said Ernesto B. Pantangco, executive vice president of the geothermal company.
Philippines-based Energy Development Corporation, the second largest geothermal company in the world in terms of installed capacity, said it is continuing to expand its operations outside the Philippines – particularly in the Pacific Ring of Fire and East Africa.
«There are 29 countries in the Pacific Ring of Fire that have geothermal potential,» said Ernesto B. Pantangco, executive vice president of the geothermal company.
Mr. Pantangco said the company is pushing through with its first international projects after acquiring a majority stake in four geothermal projects in Chile and Peru.
The announcement was made at the 2nd Philippine Renewable Energy Summit, held April 19 in Manila.
According to a report from local news Web site ABS-CBNNews.com in February, the firm obtained a 70 percent interest in each of the projects, but did not disclose the acquisition cost.
The EDC currently has seven operating geothermal plants in the Philippines, with 19 more under development and exploration.
The company’s current installed capacity is 1,130 megawatts in the Philippines alone, coming in second to global geothermal company Chevron with 1,273 MW. – EcoSeed Staff
