Geothermal

$50 mn US for Geothermal Heat Pump deployment

The U.S. DOE is offering nearly $50 million in funds from the ARRA (American Reinvestment and Recovery Act) to advance the commercial deployment of geothermal heat pumps (GHP) in three areas:Innovative Technology Demonstrations – cost-shared technology demonstration projects that provide a minimum of 50 tons of heating and cooling capacity that can be deployed in various geological conditions and climate zones and in either residential communities or commercial buildings; Life Cycle Cost Tools – projects that will assist in determining project feasibility by gathering and analyzing data related to system costs, performance, and installation techniques to decrease life-cycle cost applications for GHPs.┬áNational Certification and Accreditation – a program for the geothermal industry designed to increase consumer confidence in the technology. (Source: U.S. DOE, June 2, 2009) Contact: U.S. DOE Funding...

EarthFirst sells Dokie Ridge Wind Project to GE Energy Financial Services and Plutonic Power

GE Energy Financial Services has sealed a deal to acquire the 300-MW Dokie Ridge wind project, the largest wind farm under construction in British Columbia, from EarthFirst Canada. According to the companies, GE Energy and Plutonic Power Inc. plan to resume construction at the Dokie Ridge wind farm near Chetwynd, British Columbia, this fall, for completion in late 2010. When completed, Plutonic will operate the facility. The two companies are presently partners in the development of three hydroelectric projects in the province. EarthFirst Canada is currently under court protection from creditors and has sold off its wind projects in Alberta and Nova Scotia. (Source: CP, June 2, 2009) Contact: Donald McInnes, CEO Plutonic Power, (604) 669-4999, Donald@plutonic.ca, www.plutonic.ca; Andy Katell, GE, (203) 961-5773, andrew.katell@ge.com, www.ge.com; Brian Trypka, Chief Restructuring Officer, EarthFirst Canada Inc., (403) 513-0780,...

Geothermal: Nevada Geothermal Power Inc.

Nevada Geothermal Power Inc. indicates that its Blue Mountain ‘Faulkner 1’ 49.5 MW geothermal project is ahead of schedule with commissioning expected to start during August 2009. (Source: Nevada Geothermal, June 1, 2009)

Magma Energy seeking $50 mn CDN for Geothermal development

British Columbia-based Magma Energy Corp. is looking to raise a minimum of $50 million CDN ($45 million US) in its initial public offering. The company currently owns the Soda Lake power generation plant in Fallon, Nevada and it is looking to expand, with four advanced exploration properties, three in Nevada and one in Utah. It also holds numerous early-stage exploration properties in Nevada, Chile, Argentina and Peru. The lead underwriters for t he IPO are Raymond James and Cormark Securities. (Source: Dow Jones, June 3, 2009) Contact: Andrea Zaradic, Vice President, Corporate Development, Magma Energy Corp, (604) 646-1874, azaradic@magmaenergycorp.com,...

Western GeoPower acquires additional leases in California

Western GeoPower Corp. (WGP) has acquired approximately 3,000 acres of private geothermal leases with a confirmed high-temperature geothermal reservoir at South Brawley, Imperial County, California giving WGP the right to develop the geothermal reservoir and to build a plant for electricity generation. Commercial geothermal power has been generated continuously throughout Imperial County since the early 1980s, with the present generation level being about 530 MW from the Salton Sea, East Mesa and Heber plants. The leasehold is situated in the “South Brawley Known Geothermal Resource Area”, with extensive infrastructure throughout the region providing ready access for development. WGP will retain Richmand, California-based GeothermEx to provide an independent assessment of the potential for the South Brawley leases and design a drilling program to confirm the resource. (Source: Western Geopower, May 6, 2009) Contact: William Gee, Investor Relations, Western GeoPower, (604) 662-3338 ext. 115, www.geopower.ca GeothermEx,...

Nevada Geothermal seals procurement and construction deal for Blue Mountain Geothermal project

Nevada Geothermal Power has sealed a procurement and construction agreement with Industrial Builders Inc. for turnkey construction services for a geothermal fluid gathering and re-injection system connecting to the power plant and production and injection wells at its Blue Mountain “Faulkner 1” 49.5 MW binary cycle geothermal plant in northern Nevada. The agreement includes the procurement of materials and equipment, construction, testing and supervision of testing. Pipeline foundation work has begun; pipe installation is expected to commence this week. (Source: Nevada Geothermal, May 20, 2009) Contact: Shelley Kirk, Investor Inquiries, Nevada Geothermal, (604) 688-1553 ext 118, sfkirk@nevadageothermal.com, www.nevadageothermal.com; Industrial Builders,...

$85 mn US DOE loan considered for U.S. Geothermal

U.S. Geothermal Inc. has been selected by the U.S. DOE “to enter into due diligence review on an $85 million US project loan” for its Neal Hot Springs project in eastern Oregon – providing 80% of the $106 million US estimated total capital cost. The DOE loan is anticipated to be a combined long-term and construction loan at a low annual interest rate. Construction of a binary cycle 22 MW power plant utilizing significantly improved technology is expected to begin in mid 2010 with operations scheduled in late 2011. (Source: Marketwire, May 26, 2009) Contact: Saf Dhillon, Investor Relations, U.S. Geothermal, (604) 688-9895, saf@usgeothermal.com,...