MANILA, Philippines - Lopez-led Energy Development Corp. (EDC) announced Friday it acquired 70% each of four geothermal projects in Chile and Peru.

In a statement to the Philippine Stock Exchange, EDC said it signed a joint venture agreement with Australia's Hot Rock Limited (HRL) for the development of the Calerias and Longavi projects in Chile and Quellaapacheta and Chocopata in Peru.

EDC said it obtained a 70% interest in each of the projects. It did not disclose the acquisition cost.

"We are pleased with the speedy conclusion of the negotiations with HRL as we now look forward to starting exploration work in what we view as attractive geothermal concessions in both Chile and Peru. These projects will showcase EDC expertise and help elevate the company as a Philippine corporate champion on the world stage," EDC Chairman and CEO Federico Lopez said.

HRL had acquired 23 geothermal tenements across Chile, Peru and Australia. The company has been among the first to identify and obtain some of the most attractive concession areas in Latin America, according to EDC.

EDC, the world's largest integrated geothermal power producer, said it is looking to expand its partnership with HRL to include the latter's other sites.

On its own, EDC has three geothermal exploration concessions in Chile. It said it also has applications for 13 other concessions in the South American country.

"The acquisition of these concessions in Latin America are the first steps in realizing our vision to establish a global presence and further solidify our position as the pre-eminent international leader in geothermal power development," Lopez said.

Aside from Chile, EDC is also eyeing geothermal projects in Indonesia and Kenya.

EDC has an aggregate geothermal capacity of 1,130 megawatts.