Alterra Power (TSX: AXY) and Energy Development Corporation (EDC) put into effect a JV agreement regarding geothermal assets in Peru and Chile, an EDC statement sent to the Philippine stock exchange said.
In Chile EDC gains a 70% interest in Alterra subsidiary Compañía De Energia (Enerco) which owns the Mariposa project. Alterra maintains a 30% interest.
In Peru new project companies will be established for each of Alterra's Tutupaca, Loriscota and Crucero geothermal projects. EDC will gain a 70% in each subsidiary with Alterra maintaining a 30% interest.
"EDC's continued participation in the Peruvian projects and the Mariposa project is subject to EDC's resource assessment of each of the projects in accordance with the terms of the project agreements," EDC said.