5/21/2013 - 11:46 AM EST - Alterra Power Corp. : announced the completion of a joint venture agreement with Energy Development Corporation (EDC) for the development of Alterra's Mariposa geothermal project in Chile plus three geothermal concessions held by Alterra in Peru. The agreement calls for EDC to earn a 70% interest by funding 100% of the next $58.3 million in project expenditures at Mariposa, and $8 million in project expenditures on the Peruvian concessions. Advancement of individual projects will occur under separate shareholder agreements which will follow the commercial terms of the joint venture agreement. Such agreements are expected to be executed later in 2013 subject to final documentation and project evaluation by EDC. Alterra Power Corp.
shares T.AXY are trading unchanged at $0.34.
