In a disclosure to the Philippine Stock Exchange, Lopez-controlled EDC said four shareholder agreements it signed with Canada's Alterra Power Corp provide that the Philippine listed firm will spend $58.3 million for their Mariposa project in Chile.
EDC will likewise shell out $8 million for the Tutupaca Norte, Loriscota and Crucero geothermal projects in Peru to compensate Alterra for its previous development costs.
The amount will be used to fund a work plan to develop the Mariposa project "by building infrastructures over the next 18 months."
"For the Peruvian projects, the relevant project agreements contemplate implementing an agreed work plan to conduct various exploration surveys over the next 12-15 months," EDC said.
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