Alterra Power, EDC Complete JV Agreement for Geothermal Assets in Chile and Peru

By
A A A

Alterra Power Corp. (AXY.TO)has completed a joint venture agreement with Energy Development Corporation ( EDC ) for the development of Alterra's Mariposa geothermal project in Chile plus three geothermal concessions held by Alterra in Peru. The agreement calls for EDC to earn a 70% interest by funding 100% of the next $58.3 million in project expenditures at Mariposa, and $8 million in project expenditures on the Peruvian concessions. Advancement of individual projects will occur under separate shareholder agreements which will follow the commercial terms of the joint venture agreement, Alterra said in a statement. These agreements are expected to be executed later in 2013 subject to final documentation and project evaluation by EDC.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


This article appears in: Investing , Commodities

Referenced Stocks: EDC

MT Newswires

MT Newswires

More from MT Newswires:

Related Videos

Stocks

Referenced

100%

Most Active by Volume

84,725,997
  • $6.69 ▼ 5.11%
68,180,500
  • $3.38 ▼ 1.74%
52,748,572
  • $99.02 ▲ 1.38%
40,996,811
  • $74.92 ▼ 0.36%
37,831,986
  • $15.50 ▼ 0.58%
34,013,720
  • $31.98 ▼ 4.31%
32,417,159
  • $25.59 ▼ 0.78%
31,985,971
  • $54.87 ▲ 1.20%
As of 7/28/2014, 04:05 PM