EDC, Canadian firm form joint venture

MANILA, Philippines - Listed Energy Development Corp. (EDC), the Lopez-led geothermal company, signed yesterday a joint venture agreement with a Canada-based energy company for four geothermal projects in Chile and Peru.

Under the agreement, EDC may acquire 70 percent interest in each of the four projects, the company said in a disclosure to the Philippine Stock Exchange (PSE).

The agreement, signed with Alterra Power Corp., a Canada based renewable energy company, covers the development of the Mariposa Project in Chile.The agreement also covers geothermal projects located in Peru, namely Tutupaca, Loriscota and Crucero.

“The agreement sets the framework and main commercial principles for EDC’s potential acquisition of a 70 percent interest in each of the four projects. Completion of the transaction remains subject to the preparation of fully termed documentation and necessary regulatory approvals,” the EDC said in its disclosure.

The joint venture partnership with Alterra strengthens EDC’s overseas presence, EDC president Richard Tantoco earlier said.

According to its website, Alterra is a leading global renewable energy company, which operates six power plants totaling 566 megawatt of capacity, including two geothermal facilities in Iceland, a geothermal plant in Nevada, British Columbia’s largest run of river hydro facilities and the province’s largest wind farm.

Early this month, the Lopez-led firm disclosed that it has partnered with Australian Hot Rock Ltd. for the development of the Quellaapacheta geothermal project in Peru.