Philippines-based geothermal firm, Energy Development Corp (EDC) is considering investment in a site in Mexico
“We’re not doing anything yet – but we’re studying. Mexico’s energy sector is privatizing, deregulating so we want to take a look,” said EDC president Ricky Tantoco.
The commitments of Latin American governments since the Paris COP21 agreement have led to cancellation of fossil fuel based projects such as two large coal-fired power plants in Chile and presented an invitation to countries in the region to invest in renewable energy technology.
Tantoco said while low oil prices had pushed the company to put on hold its overseas geothermal projects, EDC was optimistic it would benefit from the push for cleaner technologies. The Company is confident that the time is right for geothermal in Latin America, coming in the next one to two years. The EDC hopes to include Mexico, as well as Chile and Peru, in its plans for the region.