THE PHILIPPINES has launched exploratory talks for potential bilateral agreements with Mexico, Chile, and Canada amid “strong mutual interest,” with a deal likely to take at least two years to be forged, a Trade official said.
May 272015
Jul 112013
MANILA, Philippines – Lopez-led geothermal firm Energy Development Corp. (EDC) is spending roughly $66.3 million for its projects in Chile and Peru. EDC would spend $58.3 million for its projects in Mariposa in Chile and the remaining $8 million for its Peruvian projects, the company said in a disclosure to the Philippine Stock Exchange (PSE) yesterday. EDC’s investments in the project form part its joint venture agreement with Alterra Power Corp., a Canada-based energy company for geothermal projects in Chile and Peru. The company announced in June that under a shareholders’ agreement for the Mariposa project in Chile, EDC would acquire 70 percent interest in Compañía De Energia (Enerco). Enerco is an Alterra subsidiary in Chile that owns the Mariposa project. Alterra will 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 added. “The terms of the project agreements call for EDC to fund the next $58.3 million in project expenditures in the Mariposa project and $8.0 million in project expenditures for all the Peruvian projects to top up Alterra’s past development costs,” EDC said in its disclosure. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 For the Mariposa project, the agreement contemplates implementing an agreed work plan that will further develop the Mariposa Project by building infrastructures over the next 18 months, EDC also said. For the Peruvian projects, proponents would conduct various exploration surveys over the next Read More …