All Entries in the "Finance" Category
Diverse renewables portfolio serves Mighty River Power
In New Zealand, Mighty River Power posted an interim result of $73.9 million net profit, crediting its success on a diversified generation strategy and geothermal development. Revenue of $521.8 million was down only slightly compared to $581.1 million in the same period last year, but the company said this reflected lower wholesale prices due to [...]
Ormat reports record 2009 results
In Nevada, Ormat Technologies, Inc. released results for the fourth quarter and full year ended December 31, 2009 that included a 20.4% revenue increase for the year and a 14% generation capacity increase. The company’s net revenues for the year were $68.6 million and it generated 3.4 million MWh in 2009. In addition, Ormat restated [...]
Magma reports second quarter loss
In Canada, Magma Energy Corp. reported that, for the second quarter ended December 31, 2009, it had a net loss of $5.25 million. The Soda Lake operation earned revenues of $1.41 million, gross profit of $589,000, and net income of $203,000 after deducting non-cash and other related expenses. The net loss for its share in [...]
Sierra remains open to merger or sale after proxy fight
In Canada, securities analysts say the recent proxy fight at Sierra Geothermal Power Corp. awaiting a takeover or merger. The dispute ended with two representatives of a dissident shareholders group getting seats on the board, which was less than the dissidents wanted but more than the sitting board was hoping for. In the interim, the [...]
HS Orka in the black for 2009
In Canada, Magma Energy Corp. said that Icelandic geothermal company HS Orka hf, of which 41% is held Magma, has released its audited financial and operating results for the year ended December 31, 2009. HS Orka reports significant earnings for the year but Magma noted that the report will need to be translated by Magma [...]
Raser taps an additional $19 million from Fletcher
In Utah, Raser Technologies, Inc. has sold $5 million of convertible preferred stock plus another $14 million in certain investment rights to Fletcher International, Ltd. The financing is part of a broader strategic relationship between the two companies. The preferred shares can be converted to common stock at a price of $5 per share and [...]
Denham Capital increases Vulcan investment
In Oregon, Vulcan Power Company announced that an affiliate of Denham Capital has invested $108 million in preferred and common stock of Vulcan. This is the second equity investment in Vulcan by the affiliate and brings its total investment in Vulcan to $166 million. The new investment will allow Vulcan to continue ongoing development of [...]
WaterFurnace to pay 4Q dividend
In Indiana, ground-source geothermal system manufacturer WaterFurnace Renewable Energy, Inc. said its board has approved a regular quarterly dividend of $0.19 per share to be paid March 1. Fourth quarter and year end results will be announced after the close of business on March 10. It is the second consecutive quarter that the company has [...]
Green IPO’s finding fertile ground in Canada
In Canada, a general thaw in the capital markets, government incentives and the country’s natural resources expertise are being touted as reasons behind an expected increase in green IPOs there. The Toronto Stock Exchange and TSX Venture exchanges list 123 green companies, more than any other market in the world. Geothermal exploration and development company [...]
Ambata Capital Partners puts stock in Reykjavik Geothermal
In Abu Dhabi, Reykjavik Geothermal announced at the World Future Energy Summit that it has entered into a partnership with Ambata Capital Partners to explore, develop and operate utility scale geothermal power generation in emerging markets. Reykjavik Geothermal is currently active in India, Kenya, Nicaragua, Russia, Rwanda and the United Arab Emirates as well as [...]
