Freehills advises on two South American geothermal project joint ventures
22 March 2012
Freehills has advised the world’s largest integrated geothermal power producer, Philippines-based Energy Development Corporation (EDC), on the establishment of two joint ventures to develop geothermal projects in Chile and Peru.
EDC entered into a joint venture with Hot Rock Limited (HRL) to co-develop the Calerias and Longavi projects in Chile, and the Quellaapacheta and Chocopata projects in Peru with EDC obtaining a 70% interest in each of the projects.
The partnership now seeks to accelerate the development of the projects and offer a clean, reliable and indigenous source of energy to the people of Chile and Peru. EDC and HRL are looking at the possibility of expanding the scope of partnership by including HRL’s other sites.
The Freehills team was lead by partners Sharon Wilson and Robert de Boer.
Lead partner Sharon Wilson said working with such an international powerhouse on such an important and strategic move into South America, was a testament to the team’s efficiency.
Freehills Energy Industry Team has recently advised on a number of high profile deals, including:
advising AGL Energy on the development of the 242MW Diamantina Power Station advising Apache Energy on the development of the Wheatstone LNG Project advising Santos on the development of the Gladstone LNG Project in Queensland, including in relation to the sale of stakes in GLNG to Petronas, Total and Kogas; and advising CNOOC Gas & Power on its acquisition of interests in BG’s Curtis Island LNG Project and associated upstream gas production and exploration assets.
HRL Price at posting:
6.5¢ Sentiment: ST Buy Disclosure: Held
