Alterra delays drilling campaign in Chile

Alterra Power Corp.'s drilling campaign for the Mariposa geothermal project in Chile was recently rescheduled for late 2016, after initially being scheduled to begin in October of this year.

"In spite of this delay, we remain very positive about the Mariposa project and long-term prospects in Chile,” John Carson, CEO of Alterra, said. “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."

As the managing partner for the joint venture, the Energy Development Corporation (EDC) decided to postpone the drilling due to low commodity prices that could negatively impact near-term project economics.

While they wait to begin the drilling campaign, Alterra and Energy Development Corporation will reportedly continue to develop the project through engineering work for the power plant and transmission interconnection. The partners will also continue with an environmental impact assessment as well as other development activities.

 Under the joint venture agreement, EDC is funding all project activities up to a total of US$58.3 million.

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Alterra Power Corp.

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