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.”

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. ┬áThe 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.

December 6th 2017
Renewables Provide 17.8% Of Total US Electricity. Solar Now 2.0% And Wind 6.0%

According to the latest issue of the U.S. Energy Information Administration’s (EIA) “Electric Power Monthly” report, U.S. electrical generation from renewable energy sources (i.e., biomass, geothermal, hydropower, solar – inc. distributed solar, wind) rose by 14.69% during the first three-quarters of 2017 compared to the same period in 2016.┬áSimultaneously, electrical generation by fossil fuels and nuclear power combined declined by 5.41%. Nuclear power and coal both dropped by 1.5%, natural gas (including “other” gas) was down by 10.7%, and oil (i.e., petroleum liquids and petroleum coke) plunged by 17.1%.


 

   

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