Energy Development to fund four geothermal projects
May 29, 2013, Vancouver – Alterra Power Corp. announced the completion of a joint venture agreement with Energy Development Corporation (EDC) to fund Alterra's Mariposa geothermal project in Chile plus three geothermal concessions held by Alterra in Peru.
The agreement calls for EDC to earn 70 per cent interest by funding 100 per cent 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.
These agreements will be subject to final documentation and project evaluation by EDC, with the expectation of completion in later 2013.