May 21 (Bloomberg) -- Energy Development Corp., a Philippines geothermal-energy developer, has formed a venture with Alterra Power Corp. to develop four South America projects.
EDC will take a 70 percent stake in the venture in exchange for providing $58.3 million for the Mariposa project in Chile and $8 million for another three early-stage Peru projects, Vancouver-based Alterra Power said today in a statement.
The Mariposa project is 300 kilometers (186 miles) south of Santiago and exploration wells indicate that the site may produce 320 megawatts of capacity, according to the statement.
Exploration activities at the Peru projects suggest they contain “large geothermal resources,” Alterra Power said.
The venture was first announced on Oct. 16 and initially included five Peru geothermal projects.
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