Geothermal Digest » Company News

NZ deal largest ever for Ormat

admin — Sun, 12 Jun 2011 19:08:19 +0000

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 about $130 million. Construction of the power plant is expected to be completed within 24 months from the contract date.

NGP closes on Imperial Valley asset purchase

admin — Sun, 12 Jun 2011 19:00:02 +0000

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 be issued. Reykjavik Energy Invest hf (REI), a subsidiary of Reykjavik Energy, is the majority owner of IAE with an 83.7% interest and will become a significant shareholder of NGP.

Alterra sells 25% of HS Orka back to local Icelanders

admin — Sun, 05 Jun 2011 20:33:32 +0000

In Canada, Alterra Power Corp. announced the signing by its wholly-owned subsidiary, Magma Energy Sweden AB, of a share purchase agreement with Jarôvarmi slhf as well as the completion of the sale. According to the terms, Magma Sweden sold a 25% interest in its 98.5%-owned HS Orka hf to Jarôvarmi, owned by a group of 14 Icelandic pension funds, for about $69.8 million. In addition, Magma Sweden has also signed an agreement with four Icelandic municipalities to purchase the last 1.5% of HS Orka. Thus, when all transactions are complete, Magma Sweden will own a 75% interest in HS Orka and Jarôvarmi will hold the remaining 25%. Jarôvarmi will also have an option until February 10, 2012 to purchase new shares from HS Orka treasury that could increase its stake in HS Orka by 8.4%.

Ormat talking Alaska, Hawaii explorations

admin — Mon, 30 May 2011 15:50:27 +0000

In Alaska and Hawaii, Ormat Technologies Inc. is pursuing opportunities to get a foot hold (Alaska) or expand (Hawaii). The company has begun a second year of exploration at the company’s Mount Spurr geothermal project, which is an active volcano 75 miles southeast of Anchorage. In Hawaii, Ormat is looking at ranch land on the island of Maui to begin exploratory drilling aimed at building a 24 MW power plant.

Reservoir points Minerals to spin-out with private placement

admin — Sun, 29 May 2011 19:21:02 +0000

In Canada, Reservoir Capital Corp. said that Reservoir Minerals Inc. has completed a non-brokered private placement financing with aggregate gross proceeds of approximately $9.6 million. The move is aimed at a spin-out of Minerals and making Reservoir Capital Corp. a step closer to becoming a pure-play renewable energy company. Miles Thompson, Chairman of Reservoir Capital, said the move, if approved, will ensure that Reservoir Minerals will have the funds needed to advance mining projects in Serbia and “build up an exploration portfolio internationally.”

Calpine honors geothermal pioneer

admin — Sun, 22 May 2011 16:13:12 +0000

In California, Calpine Corp. held a brief ceremony last week dedicating a small park within The Geysers steam fields to the late Joseph Aidlin. Aidlin pioneered legal issues and influenced legislation enabling development of geothermal power production. Calpine Corp. purchased a one-megawatt interest in the power plant named for Aidlin in 1989 and today is the largest operator at The Geysers. The co-founder of the Geothermal Resources Council died Sept. 30, 2010. He was 100.

Ormat adds $20 million contract to backlog; loan guarantees in process

admin — Sun, 15 May 2011 18:50:50 +0000

In Nevada, Ormat Technologies, Inc. says its subsidiary entered into a supply contract with Norske Skog Tasman Ltd. of New Zealand to supply a new geothermal power plant that will be constructed in the Kawerau Geothermal Field in the country. Norske Skog uses renewable energy to produce newsprint and the new project will mean a substantial proportion of the mill’s electricity needs will be provided directly or indirectly from renewed geothermal energy. The contract is worth about $20 million and delivery of the power plant is expected within 13 months. Also this week, Ormat says that despite a DOE update and publication on May 10, 2011, on the DOE website, the only notification it has from DOE is that its loan guarantee application under section 1705 for the Jersey Valley, Tuscarora, and McGinness Hills projects is moving forward.

Magma shareholders approve Plutonic merger

admin — Sun, 08 May 2011 19:13:38 +0000

In Canada, Magma Energy Corp. shareholders have approved all resolutions in connection with its proposed merger with Plutonic Power Corp. Shareholders voted at a special meeting held in late April. Magma will issue up to 156,202,213 common shares of the company which, if completed, will result in Magma acquiring all of the outstanding common shares of Plutonic in exchange for 2.38 common shares of Magma and $0.0001 in cash for each share of Plutonic. Further, all outstanding stock options to purchase Plutonic shares will be exchanged for options to acquire common shares of Magma at the same exchange ratio. Also approved was a name change to Alterra Power Corp., as well as to increase the size of the board of directors to seven, and to elect Donald A. McInnes, Walter T. Segsworth and David S. O’Brien to the Magma board of directors.

Google continues down the renewables path

admin — Sun, 01 May 2011 21:28:10 +0000

In Washington, Reuters is reporting that Google Inc. intends to make good on its goal of making renewable energy cheaper than coal for consumers. While geothermal remains on its list, the company currently is investing elsewhere. The company has said it would invest about $100 million in the world’s largest wind farm under construction in Oregon, and will invest another $168 million in BrightSource Energy Inc’s Ivanpah solar thermal complex in the California desert. It will be Google’s largest investment in clean energy to date. It has invested over $350 million in five renewable generation projects of late.

Newpark Resources acquires Aussie fluids business

admin — Sun, 24 Apr 2011 18:40:55 +0000

In Texas, Newpark Resources, Inc. has closed the acquisition of Australian-based Rheochem PLC’s drilling fluids and engineering services business, effective April 21, 2011. Rheochem PLC, which has operations in Australia, New Zealand and India, provides drilling fluids and engineering services to the geothermal and oil and gas exploration industries. Newpark paid $25.5 million in cash at closing and additional consideration may be payable based on financial results of the acquired business over a one-year earn-out period.