Hot Rock Limited (HRL) is pleased to announce the execution of the detailed individual project agreements for the incorporation of joint venture companies in Chile and Peru with Energy Development Corporation (EDC) to explore, evaluate and develop the geothermal energy potential of the Longavi project in Chile and the Quellaapacheta and Chocopata projects in Peru, as previously announced to the market on the 3 February 2012. EDC is the world’s largest integrated owner/operator geothermal company with a total of 1,130MWe of installed capacity and over 30 years of operational geothermal experience. Under the arrangements, EDC will have a 70% interest when the tenements are transferred into the joint venture companies, with Hot Rock holding the remaining 30% interest. HIGHLIGHTS ? Energy Development Corporation (EDC), the world’s largest integrated geothermal company, has signed detailed agreements for incorporating JV companies in Chile and Peru covering three of Hot Rock’s (HRL) projects, Longavi in Chile and Quellaapacheta and Chocopata in Peru, with the agreements covering funding of each project up to financial close.
Great news. The only way is up for HRL!
GLTA!
Risebabyrise.
HRL Price at posting:
5.0¢ Sentiment: None Disclosure: Held
