News Flash

October 09, 2015, Friday
  • Police detective shoots dead a hostage-taker who took control of a bus along Taft Ave. corner Pedro Gil in Manila. 15 hours ago |
  • Coloma says Pres. Aquino cannot yet certify as urgent the proposed BBL since it is still in the period of interpellation. 16 hours ago |
  • Arroyo to file her COC next week as she intends to run for 3rd & final term in Pampanga’s 2nd district. 16 hours ago |
  • Sen. Angara says both Senate & House are trying to find a ‘win-win solution’ for bill seeking to lower income tax. 16 hours ago |
  • Arroyo asks Sandiganbayan for permission to avail of some medical procedures in St. Luke’s QC from Oct. 21 to 22. 16 hours ago |
  • Rep. Arroyo asks Sandiganbayan to allow her to go through some medical tests not available at VMMC. 16 hours ago |
  • Policeman killed in an ambush in Marawi City on Wednesday night. 21 hours ago |
  • Comelec & Smartmatic-TIM to hold review of source code for 2016 elections in the first week of Jan. 2016 21 hours ago |
  • Arroyo to file new petition for bail at Sandiganbayan & will use UN Working Group’s report as basis. 21 hours ago |
  • DOJ cites US-PH Mutual Defense Treaty as basis for participation of U.S. troops in Mamasapano operation. 21 hours ago |
  • DOJ says U.S. troops who participated in Oplan Exodus did not violate the PH constitution. 21 hours ago |
  • DOJ says U.S. troops’ participation in Mamasapano clash was limited to intelligence work & monitoring & not actual combat. 21 hours ago |
  • DOJ confirms U.S. troops’ participation in Oplan Exodus launched the Mamasapano operations last Jan. 25. 21 hours ago |
  • Palace does not see Enrile’s call for full plenary debates on Mamasapano encounter as an attack vs. Aquino gov’t. 21 hours ago |
  • Singer and comedienne Elizabeth Ramsey passes away at 83. 21 hours ago |
  • Businessman Cedric Lee pays P 20K bail at Court of Tax Appeals in connection with the tax evasion case filed vs. him by DOJ. 22 hours ago |
  • Sen. Juan Ponce Enrile says the death of SAF 44 must not be taken lightly. 22 hours ago |
  • Sen. Enrile seeks a full plenary discussion on the Senate committee report on Mamasapano encounter. 22 hours ago |
  • Justice Sec. Leila de Lima says they have legal basis to detain Pampanga Rep. Gloria Arroyo. 22 hours ago |
  • Sen. Miriam Santiago says some society leaders are urging her to run for president & she can rise to the occasion. 22 hours ago |
  • DOJ: No witnesses that can identify who killed the 9 Seaborne Commandos that attacked suspected Malaysian terrorist Marwan’s hut. 22 hours ago |
  • DOJ: 9 Seaborne Commandos who attacked Marwan’s hut were killed in an area away from cornfield in Tukanalipao where 35 SAF members died. 22 hours ago |
  • DOJ: No respondents can be charged for the death of 9 members of 84th Seaborne Commandos who attacked Marwan’s hut during Mamasapano clash 23 hours ago |
  • 5-man UN Working Group urges PH gov’t to review Arroyo’s bail petition based on int’l human rights standards. 23 hours ago |
  • UN Working Group cites international law as basis for finding Arroyo’s continued detention illegal. 23 hours ago |
  • UN Working Group on Arbitrary Detention declares Arroyo’s detention at VMMC arbitrary & illegal. 23 hours ago |
  • Magnitude 4.7 earthquake hits Masbate & parts of Sorsogon. 23 hours ago |
  • 1 person dies & 3 are rescued as boat capsizes in Taal Lake in Talisay, Batangas. 23 hours ago |
  • Armed men abduct an Italian in Dipolog City. 23 hours ago |
  • Road mishap involving a truck & 9 motorcycles occurs at Commonwealth Ave near Tandang Sora flyover in QC. 23 hours ago |
  • Fire in Barangay Lipunan, Quezon City now under control. 23 hours ago |

EDC forms geothermal unit in Peru

By Alena Mae S. Flores | May. 04, 2013 at 12:01am
Energy Development Corp., a unit of First Gen Corp. of the Lopez Group, said  Thursday it formed Geotermica Quellaapacheta Peru S.A.C. that will develop  geothermal projects in Peru.

EDC disclosed to the Philippine Stock Exchange the creation of the company following the terms of the joint venture agreements it signed with Hot Rock Ltd. last year.

The agreements require Hot Rock Peru S.A. to transfer the Quellaapacheta explorations contracts to the new company.

“As a result and as stated in the project agreements, EDC has paid HRL an initial $400,000 which is refundable in the event that EDC withdraws from the project within six months from the transfer date,” EDC said.

It said it would make a final payment of $600,000 15 months from the transfer date if the project was pursued.

EDC and Hot Rock earlier signed a joint venture agreement to co-develop the Quellaapacheta and Chocopata projects in Peru, with EDC obtaining a 70 percent interest in each of the projects.

EDC dropped the Chocopata project but pursued opportunities in Quellaapacheta.

“Yes, we are still looking at Quellaapacheta and working hard to build up the portfolio of concession areas,” EDC president Richard Tantoco said earlier.

EDC said in a separate disclosure its application to list its 7-year and 10-year bonds due on 2020 and 2023, respectively, for trading on the Philippine Dealing and Exchange Corp. was approved for listing effective May 3.

The company plans to use the proceeds from the issuance to support business expansion plans, finance capital expenditures and fund general corporate expenses.

EDC set a capital expenditure of P32 billion this year from P22 billion last year.

EDC is the world’s largest integrated geothermal producer and one of the leading renewable energy companies in the Philippines with a portfolio of 1,130 MW of geothermal and 132 MW of hydroelectric plants.
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