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Old 03-03-2010, 01:10 AM
Sparty Sparty is offline
Join Date: Mar 2009
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Default Petrathem MOU with one of world's largest geothermal producers

This further confirmation of PTR's coming - continuing success

Petratherm signs MoU with Enel Green Power to develop geothermal projects

Petratherm (ASX: PTR) has advised that Petratherm Espa?a 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.
Enel Green Power (EGP), the renewable energy subsidiary of the Enel Group, is a world leader in geothermal power generation with about 800 MW of capacity operating and has a project development portfolio of more than 300 MW.
The MoU between Petratherm Espa?a and Enel Green Power provides for the following arrangements;
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 through development phases with each project to be negotiated after sufficient exploration work is completed.
Formation of a technical committee, comprising representatives of both parties to oversee the exploration and development program;
In relation to the more advanced Tenerife geothermal project, Enel Green Power will:
- contribute 50% of all exploration costs to date and ongoing costs; and
- fund the first deep production well in return for a majority equity stake in the project.
The MoU provides exclusivity and access to Petratherm?s geological knowledge, expertise and geothermal concessions in Spain to Enel Green Power.
Enel Green Power will bring its integrated geothermal know-how and international leadership into the joint development of the Petratherm?s projects.
Enel Group, which is EGP?s parent company, is the largest power company in Italy and the second largest in Europe in terms of installed capacity. Enel produces, distributes and sells electricity and gas throughout Europe, North America, and Latin America. has quite a lot of information about Australian Hot Rock energy compnaies.
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