16 December 2015 2015 12:49 AM GMT

U.S. Geothermal Inc. Acquires Majority Stake in 13-MMW Project

U.S. Geothermal Inc. has acquired a 95% stake in the 13-megawatt Raft River geothermal project in Idaho from Goldman Sachs for US$5.1 million.

U.S. Geothermal will receive 95% of the cash flow from the project on a going forward basis, along with all increased cash flow from any project improvements. The agreement includes an option to purchase the balance of Goldman’s interest for at the end of 2017.

The purchase price consisted of a US$3.5 million cash payment plus a promissory note of US$1.6 million that bears interest at 8%.

The Raft River Geothermal Power Plant is located in Southeast Idaho and has a designed capacity of 13MW. The project is currently operating at approximately 9.4MW. Power from the facility is sold under a firm price, 25-year contract with Idaho Power Company which allows for the full 13MW output.

“This agreement with Goldman Sachs is a strong positive for our company,” said Dennis Gilles, CEO of U.S. Geothermal. “It unlocks the ability to consider capital upgrades that should increase output from the facility and potentially reach its design capacity of 13 megawatts. It strengthens our commitment to becoming the North American leader in geothermal energy.”

June 20th 2017
EDF, Canadian Solar Join Forces For One Of The Largest Solar Projects In LATAM

EDF Energies Nouvelles has acquired an 80% interest in the Pirapora II PV project (115 MWp) from Canadian Solar Inc., which is retaining a 20% stake and manufacturing the PV panels locally. It marks the latest step by EDF in Brazil’s renewable energy sector. With this addition, it now has 489 MW under construction, consisting of 183 MW (wind) and 306 MWp (solar). The project is located close to Pirapora I (191 MWp), also jointly owned by both companies. With a total installed capacity of over 300 MWp, the energy generated by both projects will cover the annual electricity consumption of 323,000 Brazilian homes.

May 21st 2017
US Wind And Solar Surge: Providing Majority of New Generating Capacity Q1 2017

According to the latest issue of the Federal Energy Regulatory Commission’s (FERC) “Energy Infrastructure Update” (with data through March 31, 2017), wind and solar provided 50.84% of the new electrical generating capacity added to the U.S. grid during the first quarter of 2017. Significantly, renewables power sources are now almost 20% of the total US electrical generating capacity. If current growth rates continue, renewables should top 20% before the end of this year. Generating capacity from renewable sources is now more than double that of nuclear power (9.10%) and rapidly approaching that of coal (24.25%).