Chilean office opened - this is a news release from a couple of weeks ago but I thought it was worth posting. I went back and read it after listening to the audio archive from the 4/10 conference. There's huge GT potential in Chile and the copper companies there are anxious for more power. Mining and processing copper requires an enormous amount of electricity. A lot of their power is from hydro and it hasn't been raining much lately. While that may be a temporary phenomenon, it has a real impact on mining operations, so I am sure they would greatly welcome another power generation source that is not dependent on the weather.
Western Geopower Launches Operations In Chile
VANCOUVER, Canada, April 10, 2008, TSX Venture Exchange Trading Symbol: WGP – Western GeoPower Corp., a renewable energy development company, today announced the launching of operations in Chile, South America, with the incorporation of a wholly-owned Chilean subsidiary, Western GeoPower SpA and the opening of an office in Santiago. In conjunction with the launch of operations, Western GeoPower has submitted bids to the Chilean Ministry of Mines for the acquisition of three geothermal exploration concessions in the north of Chile that were recently presented for competitive bidding by the Ministry.
Over the past six months, Western GeoPower and its independent consultants, GeothermEx, Inc. of Richmond, California have been conducting a technical review of the geothermal potential for Chile and a field reconnaissance of selected geothermal sites. The review has identified several locations of significant resource potential throughout Chile, including the concessions currently under bid at Pampa Lirima and Polloquere. Western GeoPower has also identified a pressing need for new power in several sectors and regions of the country, resulting in a strong potential for power off-take by both the northern grid and by regional major mining operations.
Chile has recently been experiencing an electricity supply shortfall and the growing economy demands substantial new capacity. Recent pronouncements by the Government of Chile together with the adoption of a new Renewables Resources Law which requires that 5% of new grid power must be sourced from Renewables by 2010 and 10% by 2013 has opened the door for geothermal energy to establish a significant presence over the next 5 year period.
“To demonstrate our commitment to becoming a significant participant in the Chilean electricity sector, Western GeoPower has assembled a strong team to run the operations in Chile,” said Kenneth MacLeod , President and CEO of parent company Western GeoPower Corp. “The worldwide geothermal expertise that GeothermEx brings to the relationship makes the collaboration between Western GeoPower and GeothermEx a strong contender for assuming a leading role in geothermal development in Chile.”
The management team for the Chilean subsidiary is comprised of Mr. Kenneth MacLeod as Chairman; Mr. Thomas S. Drolet as CEO; Mr. Michele d’Apote as General Manager (Gerente General) of all in-country operations, and Mr. Luis Cambiaso as Manager of Social Policy (Gerente Responsabilidad Social Empresarial). The office is located at Nueva Tajamar 481, Torre Norte Of. 901, Los Condes, Santiago, Chile (tele: +56-2-2443301).
Kenneth MacLeod is President and CEO of parent company Western GeoPower Corp. and has over 27 years experience in the management & finance of mining, oil & gas and geothermal industries on three continents. Since 2001, Ken has focused on the development of Western GeoPower’s projects in Canada and the United States.
Thomas Drolet is a Director of parent company Western GeoPower Corp. and has 39 years experience as a power industry executive. Tom is a former President and CEO of Ontario Hydro International, where he directed all aspects of marketing, project management, and operations with electrical utilities in over 40 countries worldwide. He also worked with American Electric Power (largest operating USA Utility) and DTE Energy Technologies, Inc. on International power M&A activities as well as generation technology/marketing/ sales activities.
Michele d'Apote has been working in the Renewable Energy field in Chile for 4 years . He was the co-founder of Green Energy, a Chilean company representing a diverse group of companies including geothermal turbine manufacturers, Renewable Energy investors and Carbon Market s management personnel. During this time Green Energy developed a pipeline of over 30 projects with a cumulative investment potential exceeding US$400 million. Michele was educated in Economics and Administrative Sciences at the Universidad Católica de Chile.
“Chile has one of the largest undeveloped geothermal resources base in Latin America,” said Michele d’Apote, General Manager of Western GeoPower SpA . “The current and projected energy supply imbalance existing in various parts of the country underscores the need to develop new sources of secure, base-load generation to sustain the ongoing increase in copper production and an electricity-dependent population.”
Western GeoPower Corp. is a renewable energy company dedicated to the development of geothermal energy projects for the delivery of clean, sustainable, base-load electricity generation. The Company is developing The Western GeoPower Unit 1 geothermal power plant at The Geysers Geothermal Field in California, United States and the South Meager Geothermal Project in British Columbia, Canada.
On behalf of Western GeoPower Corp.
“Kenneth MacLeod”
Kenneth MacLeod, President & CEO
