By Alena Mae S. Flores Posted on May 21, 2013 at 12:01am
Energy Development Corp. said Monday it signed a joint venture agreement with Alterra Power Corp. of Canada to develop geothermal projects in Chile and Peru.
EDC, a unit of First Gen Corp., said the agreement covered the Mariposa project in Chile and three geothermal projects in Peru, including Tutupaca, Loriscota and Crucero.
“The agreement sets the framework and main commercial principles for EDC’s potential acquisition of a 70-percent interest in each of the four projects. Completion of the transaction remains subject to the preparation of fully termed documentation and necessary regulatory approvals,” EDC said in a disclosure to the stock exchange.
EDC president Richard Tantoco earlier expressed optimism over the Chile geothermal prospect. The Mariposa geothermal power project is located in the Andes mountains and is comprised of the Laguna del Maule and Pellado concessions, with 104,000 hectares.
“Based on very limited data, what we think will have the highest probability of happening is a concession in Chile called Mariposa, which is the subject of our negotiations with Alterra Power. We’re working on the JVA with Alterra Power now,” Tantoco said.
EDC earlier said it would carry out field work and due diligence on the South American projects in order to advance them into a formal joint venture. source
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