Lopez-led First Gen Corp. has announced that its subsidiary, Energy Development Corporation (EDC), will be discontinuing its planned geothermal projects in Peru.
The decision was disclosed in a statement to the stock exchange, where First Gen cited political and market factors as the primary reasons behind the halt in exploration and development activities in Peru for EDC’s subsidiary, Energy Development Corp. Peru S.A.C.
EDC, known as the largest producer in the Philippines, has a presence in various countries including Indonesia, Chile, and Peru.
While the Peruvian market may not be pursued at this time, First Gen remains committed to its existing ventures and continues to assess potential opportunities for growth in other regions.
The announcement underscores the dynamic nature of the global energy market, where companies constantly evaluate the feasibility and profitability of their projects in light of changing political, economic, and market conditions.