Geothermal Digest » Finance

Ram, lenders amend loan agreement

admin — Sun, 12 Jun 2011 19:19:29 +0000

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 proceeds and additional permitted investments by the company in its subsidiaries.

USG grants stock options

admin — Sun, 05 Jun 2011 20:44:19 +0000

In Idaho, U.S. Geothermal Inc. has granted options in accordance with its Stock Incentive Plan to directors, employees and consultants to acquire 2,590,000 shares in capital of the company. They are exercisable at a price of $0.83 per share for 5 years expiring June 3, 2016. The options will vest subject to the company’s Stock Incentive Plan. The plan was approved by the shareholders of the company at the Annual General Meeting held December 17, 2009.

Nobao drops a second IPO plan

admin — Mon, 30 May 2011 01:49:55 +0000

In New York, Nobao Renewable Energy Holdings Ltd. withdrew its regulatory filings for an initial public offering for the second time, presumably because of general market conditions. The company, which builds geo-exchange systems in China, filed to offer up to $300 million in American depositary shares earlier in May but later reduced those terms. The company posted losses in 2007, 2009 and 2010 and has said it may lose money this year too.

NGP increases revenue, posts $1.4 million loss for the quarter

admin — Sun, 22 May 2011 15:26:51 +0000

In Canada, Nevada Geothermal Power Inc. reported a gross margin of $3.6 million and a net loss of $1.4 million for the quarter ended March 31. Power production for the quarter averaged 37 MW net and resulted in revenue of $6.3 million from operations. This was a 9% increase over the previous quarter ended December 2010, and 110% higher than a year ago. NGP posted a small ($20,000) profit in its previous quarter.

Magma nets $9 million for the third quarter

admin — Sun, 15 May 2011 16:14:33 +0000

In Canada, Magma Energy Corp., which is soon to be known as Alterra Power Corp., reported third quarter 2011 revenue of $18.7 million and net income of $9.0 million. The company also said that the merger with Plutonic Power Corp. and the name change are effective May 13, which adds hydro, wind and potentially solar power production to Magma’s geothermal portfolio. In the quarter, Magma was awarded the Mensano and Roccastrada geothermal concessions in Italy, located in Tuscany and the Loriscota and Crucero concessions in a promising region of southern Peru. Ross Beaty, Chairman and CEO, commented, “Geothermal power will remain a core focus of Alterra, but we will also have hydro, wind and possibly solar power assets and a broader mix of growth opportunities.”

Ormat reports 1st quarter loss

admin — Sun, 08 May 2011 20:25:34 +0000

In Nevada, Ormat Technologies reported a first quarter 2011 net loss of $9.0 million, or $0.20 per share, compared to net income of $1.8 million, or $0.04 per share, for the same period a year ago. The decrease was primarily due to the North Brawley power plant, which had a pre-tax loss of approximately $10.3 million. Total revenues were $97.8 million, an 18% increase over 2010. According to Dita Bronicki, Ormat’s chief executive officer, operating costs at the North Brawley plant remain high, affecting profitability in the segment. Generation at the plant improved, however, to 33 MW.

Calpine Corp. reports steep first quarter loss

admin — Sun, 01 May 2011 14:50:43 +0000

In Texas, Calpine Corp. reported first quarter 2011 net loss of $297 million, or $0.61 per diluted share, compared to a net loss of $47 million, or $0.10 per diluted share, in the 2010 period. Losses included $109 million in interest payments related to legacy LIBOR hedges. On the plus side, the company began commercial operation at the 565 MW York Energy Center in Pennsylvania three months ahead of schedule and under budget. Calpine also said that, while it hopes to expand its geothermal operations at the Geysers, the company has run into permitting challenges that they are working to resolve. Calpine did exploratory drilling in the fourth quarter of 2009 that proved the commercial viability of the steam field in the northern part of their Geysers assets.

Ormat to host Q1 earnings conference call

admin — Sun, 24 Apr 2011 23:07:14 +0000

In Nevada, Ormat Technologies, Inc. has scheduled a conference call to discuss its first quarter 2011 earnings results at 9:00 A.M. Eastern time on Thursday, May 5. The company will announce the results in a press release to be issued on Wednesday, May 4, after the market closes. The conference call will also be broadcast live as a listen-only webcast.

Free Energy adjusts terms for Swan Hills project

admin — Sun, 17 Apr 2011 21:24:58 +0000

In Canada, Free Energy Power Corp. has entered into an amending agreement with the Province of Alberta to become a co-recipient of the $2.6 million dollar grant with Borealis Geothermal Inc. for the Swan Hills Heat Recovery Project. Further, the Government of Alberta has approved the change in scope and reduction in capital cost of the project. the Project will proceed on the basis of constructing a 1 WW geothermal plant, rather than the original 2 MW plant, at a capital cost of $5.5 million, $3.1 million less than the first plan. Under the terms of a revised agreement with Borealis, FEPC agreed to become a co-recipient of the grant agreement with the Alberta Government and Borealis agreed to forego entitlement to net distributable cash realized by the Swan Hills project as well as any entitlement to share in the proceeds from any sale of the project. Borealis will conduct a study and prepare a geothermal report at a cost of not more than $400,000.

Capricorn disburses loan to Caldera

admin — Sun, 10 Apr 2011 19:25:20 +0000

In Canada, Capricorn Business Acquisitions Inc. says that with the approval from the TSX Venture Exchange, it has disbursed a secured interest bearing loan in the principal amount of $225,000 to Caldera Geothermal. The loan is secured by a first charge against the shares of Geothermal Technical Partners Inc., Caldera’s wholly owned operating subsidiary, which holds all of Caldera’s geothermal assets, and on certain other assets of Caldera. The company will use the loan and the debenture financing for land payments and new acquisitions made in the recent Nevada geothermal lease auction, costs associated with the Qualifying Transaction and general corporate and administrative purposes.