Petratherm Espana and Enel Green Power sign MoU on Spain development

Alexander Richter 3 Mar 2010

Petratherm Espana signs MoU with Italian Enel Green Power for a partnership of developing geothermal power projects in Spain and across the Iberian peninsula.

Reported today, “Petratherm Espana (Petratherm) – owned by Australian Petratherm –  has signed a memorandum of understanding (MoU) with Enel Green Power to jointly assess and develop its electricity producing geothermal projects in Spain and to expand its project portfolio across the Iberian Peninsula.

The MoU provides for the arrangements including cooperative development of electricity producing projects on the Iberian Peninsula and the Canary islands; direct and external exploration costs to be shared on a 50/50 basis with special purpose vehicles (SPVs) to take forward projects; and formation of a technical committee, comprising representatives of both parties to oversee the exploration and development program.

The MoU provides exclusivity and access to Petratherm’s geological knowledge and geothermal concessions in Spain to Enel Green Power. The company will bring its integrated geothermal know-how into the joint development of the Petratherm’s projects.

Enel Green Power is engaged in the development and operation of plants generating energy from renewable sources.”

Source: EBR