Archive for June, 2011
Agency signs PPA for new Geysers power plant
In Nevada, Ram Power, Corp. subsidiary Western GeoPower, Inc. (WGP) has signed an amended and restated power purchase agreement (PPA) with the Northern California Power Agency (NCPA). The deal purchases of all energy and available environmental attributes from WGP’s proposed geothermal power plant at The Geysers Geothermal Field. The PPA adjusts the purchase price, updates [...]
Ram, lenders amend loan agreement
In Nevada, Ram Power, Corp. has resolved certain non-compliance issues related to a $50 million term loan credit facility with a trio of lenders. Sprott Resource Lending Partnership, Exploration Capital Partners 2008 Limited Partnership and Newberry International Holdings Ltd. and the company have amended the credit facility to adjust, among other things, the use of [...]
NZ deal largest ever for Ormat
In Nevada, Ormat Technologies, Inc. has nabbed Supply and the Engineering, Procurement and Construction, (EPC) contracts that represent the largest product order in the company’s history. The deal was signed by two of its subsidiaries with Mighty River Power Ltd. of New Zealand for the first stage of the Ngatamariki geothermal project and is valued [...]
NGP closes on Imperial Valley asset purchase
In Canada, Nevada Geothermal Power Inc. (NGP) along with Iceland America Energy, Inc. (IAE) have closed their deal giving NGP 100% ownership of IAE’s geothermal assets in Imperial Valley, CA. The properties include the New Truckhaven, East Brawley and South Brawley projects and were acquired for $680,000 in cash and 6,074,069 shares, which are to [...]
Green Machine power output range increased
In Nevada, ElectraTherm said it has expanded the range of power output of its Series 4000 Green Machine generators by 15kW. The equipment now offers between 30-65kW of fuel-free, emission-free power from waste heat. The increased output is the result of more than a year of internal product development and testing while monitoring existing fleet [...]
Native-to-Native: Hawaiian group signs on to help New Zealand geothermal development
In New Zealand, Innovations Development Group (IDG), based in Honolulu, has signed with New Zealand’s Eastland Group to develop the Te Ahi O Maui geothermal project. The deal includes the exclusive development right for 420 acres in Kawerau on a trust block belonging to the indigenous Maori people.
There is an existing commercially viable geothermal [...]
Contact Energy offer pulls in $332 million from shareholders
In New Zeraland, Contact Energy Ltd. has raised $331.9 million towards building the $623 million, 166 MW Te Mihi geothermal power plant. The company was looking to raise $350 million through a 1-for-9 renounceable rights issue with shares at a 13.8% discount. Almost two thirds of shareholders took the company up on the offer.
Final drilling phase approaches in Newcastle
In England, the deep drilling research project in Newcastle is shifting into a final phase. A 50 ft drilling rig is being brought in to handle the last 5,750 ft of drilling. Drilcorp has opened up the first 820 ft, which takes the borehole past the old mine workings. Geometric Drilling will handle the remainder [...]
Panax looking for new investor money
In Australia, ASX-listed Panax Geothermal is looking to raise about $4 million to advance its portfolio of near-term projects. Under the offer, existing shareholders of the company can subscribe for six shares for every 10 ordinary shares that they hold. Those who subscribe for shares will also receive one attaching option for every two shares [...]
PLN takes over Sarulla geothermal plant project
In Indonesia, state electricity utility PT PLN said it will take over the construction of the Sarulla geothermal power plant in North Sumatra from a consortium comprising Medco Energi Internasional, Ormat International and Itochu Corporation. PLN president director Dahlan Iskan was quoted as saying “PLN has completed all its [internal] negotiations, but negotiations among investors [...]
