The agreement calls for EDC to earn a 70 percent interest by funding 100 percent 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. Such agreements are expected to be executed later in 2013 subject to final documentation and project evaluation by EDC.
The Mariposa geothermal power project is located approximately 300 kilometers south of Santiago, Chile.
It is comprised of the Laguna del Maule and Pellado concessions, which total 104,000 hectares and completely encompass a geothermal system that has an inferred estimate of 320 MW.
Alterra has conducted extensive exploration and infrastructure work at Mariposa, including three slim-hole wells and a 26-kilometer access road. Alterra also has early-stage geothermal projects in the southern volcanic belt of Peru. Initial indications and Alterra's exploration activities to date have supported the presence of large geothermal resources.
EDC is a Philippines-based geothermal energy firm with an operating portfolio of 11 geothermal power plants and two hydro facilities totaling 1,262 MW in capacity and producing over 3,600 gigawatt-hours in the first half of 2012.
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