fiale project - some links, page-36

As for HRL, I have been watching with interest for some months now. I expect that the rising tide effect will come into play for us (when HRL re-rate) and vice versa for HRL (when EHR re-rate). The two companies are adopting different strategies, and I've got to admit that I prefer the EHR strategy of maintaining majority interest in projects. Sure, it places a heavier burden on us at the front end of projects, but the long-term benefits should be well worthwhile.

Also, the Copahue project is the most advanced of any single geothermal project on the ASS, so I expect that we will likely see revenues from power offtake before any of HRL's Chilean projects.