MANILA -- Philippine conglomerate Lopez Group plans to invest 60 billion pesos ($1.1 billion) in geothermal energy over the next three years as the country seeks alternatives to coal and its dwindling natural gas reserves.
Group company Energy Development Corp., the Philippines' largest player in geothermal power, said it will drill 40 or so new wells, many of them on the central island of Leyte and around Mount Apo near the southern city of Davao.
