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Alterra Power Corp. of Vancouver, Canada, announced it has entered into an agreement with Energy Development Corporation ( EDC ), of the Philippines, for the development of Alterra's Mariposa geothermal project (PDF) in Chile and five of Alterra's Peruvian geothermal concessions.
Under this agreement, EDC will have six months to carry out field work and due diligence on the South American projects in order to elect to advance them into a formal joint venture. If advanced, EDC will be entitled to earn a 70% interest by funding the next $58.3 million in project expenditures at Mariposa, and $8 million in project expenditures on the five Peruvian concessions. Subsequent project equity contributions and all economic sharing will be pro rata between the partners.
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Under this agreement, EDC will have six months to carry out field work and due diligence on the South American projects in order to elect to advance them into a formal joint venture. If advanced, EDC will be entitled to earn a 70% interest by funding the next $58.3 million in project expenditures at Mariposa, and $8 million in project expenditures on the five Peruvian concessions. Subsequent project equity contributions and all economic sharing will be pro rata between the partners.
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