News

HopgoodGanim advises on JV with world’s biggest integrated geothermal company

21 February 2012

HopgoodGanim has advised ASX-listed geothermal energy company Hot Rock Limited (ASX: HRL) on a number of joint venture agreements, which could provide funding of up to USD $200 million, with PSE-listed Energy Development Corporation.

Under the agreements, Energy Development Corporation will acquire a 70 percent interest in four of Hot Rock's South American projects: the Calerias and Longvai projects in Chile, and the Quellaapacheta and Chocopata projects in Peru.

Corporate Advisory and Governance head Brian Moller, who led the team from HopgoodGanim advising on the joint venture, says that the deal is testament to the strength of Hot Rock's executive team and the potential of its Chilean and Peruvian projects.

"It's a great endorsement for Hot Rock, its management team and its suite of tenements that it has attracted and formed an alliance with Energy Development Corporation, the largest steam and plant geothermal company in the world.

"Hot Rock holds the rights to 23 geothermal tenements across Chile, Peru and Australia. The Australian market is somewhat limited in terms of geothermal production, so Hot Rock's success in this area is a significant achievement."

HopgoodGanim has advised Hot Rock since 2007, including advising on its ASX listing and IPO. The team advising on this transaction included partner Brian Moller, senior associate Gavin Batcheler and associate Jessica McKenzie.

Contact:
Esther Cohen, Senior Communications Advisor
Tel: 07 3024 0192