Business Mirror
Published on Tuesday, 18 June 2013 19:43 Written by Paul Anthony A. Isla
GEOTHERMAL giant Energy Development Corp. (EDC) said on Tuesday it signed four shareholders’ agreement and other related agreements with Alterra Power Corp. (Alterra).
EDC said in a disclosure to the Philippine Stock Exchange that the four shareholders’ agreement and other related project agreements took effect on June 17 and will implement its existing joint-venture agreement with Alterra and its relevant subsidiaries.
Last month EDC also executed a joint-venture agreement with Alterra for the exploration and development of geothermal projects in Peru such as the Tutupaca Norte, Loriscota and Crucero projects, and the Mariposa geothermal project in Chile.
Under the shareholders’ agreement for the Mariposa Project, EDC said its wholly owned subsidiary in Chile will acquire a 70-percent interest in Compañía De Energia (Enerco). Enerco is an Alterra subsidiary in Chile that owns the Mariposa Project.
EDC added that Alterra will continue to hold a 30-percent interest in Enerco through its wholly owned subsidiary Magma Energy Chile Limitada, subject to the terms of the shareholders’ agreement for the Mariposa Project.
Under the terms of each shareholders’ agreement for the other projects, EDC said a new project company will be incorporated in Peru, which will be responsible for developing the relevant Peruvian Project.
EDC added that each Peruvian Project Company will be 70-percent owned by EDC through its subsidiary in Peru, and 30-percent owned by Magma Energia Geotermica Peru SA, a wholly owned subsidiary of Alterra.
EDC said continued participation in the Peruvian Projects and the Mariposa Project is subject to its resource assessment of each of the projects in accordance with the terms of the project agreements.
In 2012 EDC decided not to pursue the Calerias and Longavi projects in Chile because they were deemed not commercially viable, but quickly added that it aims to pursue the best available geothermal sites in Chile.
EDC said it plans to undertake preliminary survey works in its three geothermal exploration concession areas of Newen, San Rafael and Batea, and that it also plans to pursue other concession areas in its bid to develop the first geothermal power plant in Chile.
EDC added that it has four pending applications for geothermal concessions in that country.
EDC said it is also seeking opportunities in other countries where large geothermal resources are believed to be abundant. It has a pending application for Preliminary Survey rights in Indonesia and is looking to develop geothermal projects in Peru and Kenya.
EDC is the Philippines’s largest integrated producer of geothermal power and the acknowledged global leader in wet steam technology, and is also engaged in the exploration, development and optimization of geothermal fields, as well as the operation and maintenance of geothermal power plants with an installed capacity of 1,130 megawatts. source
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