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EDC signs Peru, Chile contracts

Energy Development Corp. signed four shareholders’ agreement and other related pacts with Alterra Power Corp., a Canada-based renewable energy company, over the Mariposa project in Chile and three geothermal prospects in Tutupaca, Loriscota and Crucero in Peru. EDC, an affliate of First Gen Corp., disclosed Tuesday that the shareholders’ agreements would implement the terms of the joint venture agreement it signed with Alterra on May 20. The joint venture covers the exploration and development of geothermal projects in Peru and the Mariposa geothermal prospect in Chile. “Under the shareholders’ agreement for the Mariposa Project, EDC [through its wholly-owned subsidiary in Chile] will acquire a 70-percent interest in Compañía De Energia [Enerco], an Alterra subsidiary in Chile that owns the Mariposa Project,” the company said. EDC said Alterra would continue to hold a 30-percent interest in Enerco through its wholly-owned subsidiary Magma Energy Chile Limitada, subject to the terms of the shareholders’ agreement for the Mariposa Project. EDC said under the terms of each shareholders’ agreement, a new company would be incorporated in Peru and that firm would be responsible for developing the project. “Each Peruvian project company will be 70 percent owned by EDC [through its wholly subsidiary in Peru] and 30 percent owned by Magma Energia Geotermica Peru S.A., a wholly-owned subsidiary of Alterra,” it said. EDC’s participation in the Peruvian and the Mariposa projects is subject to the company’s resource assessment of each of the field in accordance with the terms of the EDC, the biggest geothermal power producer in the Philippines and which has been actively expanding its project portfolio to Indonesia, Peru and Chile. Alterra, meanwhile, is a leading global renewable energy company. The company operate six power plants totalling 567 megawatts of capacity, including two goethermal plants in Iceland, one in Nevada, the largest run-of-river hydro facilities in British Columbia and the province’s largest wind farm.
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