New Projects, Renewables

Geothermal power project loses an owner

Geothermal company Energy Development Corp. (EDC) has pulled out of the 185 MW Calerias energy project in Chile after reportedly encountering disappointing exploration results during a recent resource assessment, according to Business News Americas.

EDC’s partner in the project, Australian renewable energy company Hot Rock Limited, now has 100 percent control of the project and will reassess its own plans for continuing the project, the article said.

Hot Rock predicted in 2011 that up to 79 MW could be installed at the site as early as 2015, according to the article.

Calerias was one of four geothermal projects across Chile and Peru that EDC agreed to farm-in with a 70 percent stake after signing a $200 million joint venture agreement with Hot Rock earlier in 2012, the article said. Initial field exploration work on the Longavi project in Chile has begun, the article said, with similar processes due to begin at the Quellaapacheta and Chocopata sites in Peru later in 2012.

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