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Energy Development Corporation (EDC) Joint Venture Agreements in Chile and Peru

Consistent with its efforts to expand into the international arena, including Latin America, Energy Development Corporation ("EDC") continues to actively explore the potential of its geothermal projects in Peru under its Joint Venture Agreement (dated 2 February 2012, the "Peruvian JVA") with Hot Rock Limited ("HRL") as well as under the Shareholders Agreements (dated 2 May 2012, the "Peruvian SHAs") for each of the Quellaapacheta and Chocopata geothermal authorizations.
 Parallel to these efforts, EDC and HRL commenced the incorporation process of the Chocopata and Quellaapacheta Project Companies where EDC will own a 70% equity stake.

Completion of the transaction remains subject to certain conditions, including confirmatory due diligence and necessary regulatory approvals on the transfer of the geothermal authorizations to the Project Companies pursuant to the terms of the Peruvian JVA and the Peruvian SHAs.

Earlier this year, EDC deployed a full team of geothermal scientists to conduct the initial geo-scientific surveys of the Calerias and Longavi projects, two geothermal projects covered by EDC's Chilean Joint Venture Agreement with HRL dated 2 February 2012 and by the Longavi Shareholders Agreement dated 2 May 2012.

As a result of these initial geo-scientific surveys, EDC made the decision not to pursue these projects pursuant to its rights under the foregoing agreements. EDC's decision does not have a material effect on EDC's existing operations and financial condition as such projects were in its preliminary stages for evaluation only.
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"Energy Development Corporation (EDC) Joint Venture Agreements in Chile and Peru" was written by Mary under the Business category. It has been read 1718 times and generated 0 comments. The article was created on and updated on 23 July 2012.
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