Transmark, ECM Geothermal form JV Infinergeo for Chilean development
Transmark Renewable Products subsidiary Transmark Chile and ECM Geothermal announce the foundation of JV Infinergeo SpA to jointly develop geothermal resources in Chile.
In a release last week, Transmark Renewable Products B.V. announce that “Transmark Chile SpA, a 100% subsidiary of Transmark Renewable Products B.V. and ECM Geothermal SpA, a 100% subsidiary of ECM S.A, have incorporated a new Joint Venture company, Infinergeo SpA, to develop geothermal resources in Chile.
The Joint Venture, based in Santiago, will initially focus on the exploration of 5 licenses with a total area of approximately 3,270 km². The licenses are located in high-potential areas in the North and South of Chile. Operations have already commenced and the first exploratory drilling campaign is aimed for by the end of 2012 or the 1st half of 2013.
Positioned on the “ring of fire”, Chile is one of the most attractive countries for the utilization of geothermal energy worldwide. Currently, Chile is still a net energy importer and the demand is expected to increase over the coming years. The Chilean government has earmarked geothermal energy as one of the key components in order to support this growing domestic energy need. Both Transmark Chile SpA and ECM Geothermal SpA have a dedicated strategy to become leading players in the Chilean geothermal market.
Transmark Renewables (www.transmark-renewables.com), based in Amsterdam, the Netherlands, is the geothermal development company within the Transmark Group. Together with its sister company Transmark EDS (www.transmark-eds.com), a directional drilling service company, Transmark Renewables has the capability to develop a complete geothermal project in-house.
ECM S.A. (www.ecm.cl), based in Santiago, Chile, is the head of an industrial and service provider conglomerate, which also is a public infrastructure concessioner, active in the Geothermal Energy, Mining, Transportation, Parking, Construction, Healthcare and IT sectors.”
Source: Press release via Transmark Renewables