News

Work on Mariposa project continuing despite delay of drilling campaign

Mariposa, well 03, Chile (source: Alterra Power)
Alexander Richter 15 Oct 2015

Alterra Power announces that development work will continue on the Mariposa Geothermal Project, in which EDC holds a majority stake as part of a JV agreement. This is despite news on the postponement of the drilling campaign.

Following news on the postponement of the drilling campaign at the Mariposa geothermal project in Chile, Canadian Alterra Power Corp. (TSX: AXY) now provides a bit more details on the activities surrounding the project.

Alterra Power notes that the drilling campaign has been rescheduled for late 2016. Energy Development Corporation (EDC), the managing partner for the joint venture, decided to postpone the drilling in response to lower commodity prices which have negatively impacted near-term project economics. The drilling was previously scheduled to begin in October of this year.

In the meantime, Alterra and its partner, Energy Development Corporation, will continue developing the project through engineering work for the power plant and transmission interconnection, proceeding with an environmental impact assessment, and other development activities. Under the joint venture agreement, EDC is currently funding all project activities up to a total of US$58.3 million.

John Carson, Alterra’s Chief Executive Officer, said “In spite of this delay, we remain very positive about the Mariposa project and long-term prospects in Chile. We are continuing our work on a solar project in Chile and other opportunities in Latin America and Iceland, in addition to our core development focus on North American renewable projects.”

Source: Alterra Power release