Ann: Moten Power Update , page-42

Interesting comparison PAX vs HRL. The partners are the biggest point of difference, I would say, that and 'country' factors. It was HRL's announcement of a (proposed) 70/30 JV with EDC in Chile and Peru that saw their SP skyrocket from mid 2's to around 6c, then seemingly consolidate in the mid 4's.

EDC are the largest operating geothermal company in the world, out of the Philippines originally and have apparently 'drilled 900 geothermal wells over 35 yrs' and are solid with good cashflow so it would be hard to argue that Molten are as good a partner as EDC. If anyone knows anything much about Molten, feel free to spruik for them. All I know is they're a smallish to midsize private energy co. from Canada, their cash position may not be that strong and they are requiring extensions just to come up with their dough: 10m is it?

EHR's project in Argentina requires around 130m to fire up a 30MW plant , as I understand it, and that project is definitely more advanced than PAX's (being basically an old pilot geo plant from the 90's with transmission lines and 6 old wells already at the site). EHR own 87.5% so perhaps the 130m should be more like 150m for a 100% equity share.

So, if Pax's first two projects are 30MW each, that's roughly 300m in total upfront costs to get to 60MW. If PAX were to retain even 30%, that means finding about 90m-100m (depending on the deal) to cover their equity share of the first 2 projects, which are 'supposed' to produce power in 2013 and 2015 respectively (these timelines always blow out). This seems a big ask for PAX/Molten.