Energy Development Corp. yesterday said its wholly-owned subsidiary will acquire the Chilean and Peruvian geothermal assets of an international renewable energy company, Hot Rock Holding Ltd.

In a disclosure, EDC said Energy Development Corporation Hong Kong Limited has executed a share sale agreement with HRH, a wholly owned subsidiary of Hot Rock Limited based in Australia.

Under the agreement, EDC HK shall acquire all of HRH’s shares in Hot Rock Peru Ltd.  and Hot Rock Chile Ltd.

“The SSA shall ultimately transfer selected geothermal concessions and authorizations held by HRP and HRC’s affiliates in Chile and Peru to EDC, including its remaining stake in the Quellaapacheta Project,” it said.

The Quellaapacheta project is a high temperature geothermal resource.

EDC said the completion of the sale shall be subject to the fulfillment of several conditions precedent under the SSA.

It stressed that the agreement does not have a material effect on EDC’s existing operations and financial condition as the geothermal assets are still in the exploration stage.*PNA

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