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.”

September 20th 2018
Battery Boom: Wind And Solar Can Generate Half Of Worldwide Electricity By 2050

Coal is to shrink to just 11% of global electricity generation by mid-century, from 38% now, as costs shift heavily in favour of wind, solar and batteries. Wind and solar are set to surge to almost “50 by 50” – 50% of world generation by 2050 due to reductions in cost. “Cheap battery storage means that it becomes increasingly possible to finesse the delivery of electricity from wind and solar so that these technologies can help meet demand even when the wind isn’t blowing and the sun isn’t shining. The result will be renewables eating up more and more of the existing market for coal, gas and nuclear.”

January 10th 2018
US: Doubling Of Wind & Solar Capacity Possible By 2020 as Coal & Nuclear Drop

In the latest issue of its “Energy Infrastructure Update” (with data through November 30, 2017), the Federal Energy Regulatory Commission (FERC) notes that proposed net additions to generating capacity by utility-scale wind and solar could total 115,984 megawatts (MW) by December 2020 – effectively doubling their current installed capacity of 115,520 MW.  The numbers were released as FERC prepares for a January 10 meeting to consider U.S. Department of Energy Secretary Rick Perry’s proposal for a bailout of the coal and nuclear industries.

solar energy qmqr18

 

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