Herbert Smith Freehills has advised the world’s largest integrated geothermal power producer, Philippines-based Energy Development Corporation (EDC) in relation to its joint venture with leading Canadian global renewable energy company, Alterra Power Corp (Alterra) for the development of four geothermal energy projects in Chile and Peru.
EDC entered into a joint venture with Alterra in relation to the Mariposa project in Chile and the Tutupaca Norte, Loriscota and Crucero projects in Peru. The joint venture establishes the framework and main commercial terms for EDC’s potential acquisition of a 70% interest in each of the projects.
Alterra has already conducted extensive exploration and infrastructural work in relation to the Mariposa project, and initial exploration activities in respect of the early-stage geothermal projects in Peru indicate the potential presence of large geothermal resources.
The joint venture aims to provide a clean, reliable and indigenous source of energy to the people of Chile and Peru.
The Herbert Smith Freehills team was led by Sydney based partner Robert de Boer, Perth based partner Sharon Wilson and supported by associate Jessica Edwards.
This is the second successful geothermal joint venture on which Herbert Smith Freehills has worked with EDC in the past two years.
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