Archive for July, 2010
Stock split leads to new GT player
In Nevada, Urex Energy Corp. said that the Financial Industry Regulatory Authority (FINRA) has approved a 1-200 Reverse Split and name change for Urex Energy Corp to Mustang Geothermal Corp., which took effect at the open of business July 22, 2010. The new symbol on this date will be URXED (the “D” will be removed [...]
N.J. land conservancy group switches to geothermal
In New Jersey, the headquarters building of the state’s Land Conservancy has cut its use of heating oil and its energy bill in half by switching to geothermal energy. The use of fossil fuels in the building should drop from about 1,500 to 100 gallons a year. The system uses a 600 foot-deep well drilled [...]
Calpine closes senior secured notes offering
In Texas, Calpine Corp. announced the closing of $1.1 billion in aggregate principal amount of its 7.875% Senior Secured Notes due 2020 in a private placement. The net proceeds from the offering of the notes were used to repay a portion of existing term loan borrowings. The notes are guaranteed by each of Calpine’s current [...]
Satellite data shows Rift Valley heat
The Earth-observing satellite Envisat belonging to the European Space Agency (ESA), headquartered in Paris, is providing insight as to the geothermal potential of the Great Rift Valley in Kenya as well as to the potential for dangerous volcanism. Advanced Synthetic Aperture Radar interferograms (SAR Interferometry or InSAR) show small surface displacements that are not visible [...]
Opinion: Let’s get serious and pass a real clean energy law this year
David Yarnold, executive director of the Environmental Defense Fund, writing for politico.com says, “Let’s do it for real this time. The secret of the success of anti-pollution laws is that they actually limit — directly or indirectly — how much pollution companies can dump into the commons. Sounds kind of obvious, but it really works. [...]
BC court backs first step in Sierra plan
In Canada, the Supreme Court of British Columbia has issued an interim order authorizing Sierra Geothermal Power Corp. to call a special meeting of its shareholders to consider a special resolution approving the proposed plan of arrangement with Ram Power Corp., previously announced by press release on July 8, 2010. The plan would have Ram [...]
San Emidio project gets a $30 million vendor kick start
In Idaho, U.S. Geothermal Inc. has entered into an agreement for the engineering procurement and construction of the first phase of a binary cycle power plant at its San Emidio project. TAS Energy Inc. of Houston, Texas through an engineering, procurement and construction company (EPC Contractor) that was not named will manufacture the plant. The [...]
EDC doubles its profit pleasure
In the Philippines, Energy Development Corp. (EDC) saw its core income for the first half of 2010 rise 113.7% to $124 million, up from $58 million for the first half of 2009. This was despite losing $5.6 million at the 305-MW Tongonan 1 and Palinpinon power plants operated by its subsidiary, Green Core Geothermal, Inc. [...]
Qualibou to develop Caribbean geothermal resource
In Nevada, Qualibou Energy, Inc. announced a binding agreement with the Government of St. Lucia to develop the island’s geothermal resources. The resource, in the Sulphur Springs area, has been extensively explored since the mid 1970’s and nine wells have been drilled to date. Steam was found in five of the exploratory boreholes with one [...]
Plant Reboot: Raser looking to finance larger Thermo 1 turbines
In Utah, Raser Technologies, Inc. said it has entered into an agreement with the senior secured lender that provided the debt financing for the Thermo No. 1 geothermal power plant to repay a substantial portion of the debt.
Ok, so another announcement of another re-finance of the Thermo No. 1 plant is not new – we’ve [...]
