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6 September 2010

Magma Energy acquires further shares in HS Orka, nears takeover

Magma Energy Sweden, a wholly-owned subsidiary of Magma Geothermal, has closed the final portion of a previously announced agreement to acquire further shares of Iceland-based geothermal company HS Orka, resulting in it now holding a 98.53 per cent interest.

3 September 2010

Tata Power consortium wins Indonesia geothermal bid

A consortium of power companies that includes India's largest integrated private power company Tata Power as well as Origin Energy and Supraco Indonesia today became the successful bidder for the Sorik Marapi geothermal project in Northern Sumatra, Indonesia.

3 September 2010

Nevada Geothermal Power looks to raise $9.4m through share placement

Nevada Geothermal Power said it hopes to raise up to CAN$10m ($9.4m) through a non-brokered private placement in which it will sell 20 million of its shares at CAN$0.50 ($0.47) each after recording heavy losses earlier in the year.

2 September 2010

Ram Power’s takeover of Sierra Geothermal secures shareholder approval

Sierra Geothermal’s shareholders have approved a takeover of the company by US renewable energy business Ram Power, which is now set to acquire all of Canada-based Sierra’s issued and outstanding shares once approval is obtained from the Supreme Court of British Columbia.

1 September 2010

Former mining company Mustang Geothermal acquires three geothermal leases

Mustang Geothermal has completed the acquisition of three geothermal leases for a total of 9,800 acres located in the US state of Nevada from Minera Cerro El Diablo and Dakota Resource Holdings.

31 August 2010

US Geothermal secures loan for San Emidio geothermal plant

USG Nevada, a subsidiary of project developer US Geothermal, has closed financing for its geothermal project Sam Emidio through a project loan agreement with engineering specialist Science Applications International (SAI).

27 August 2010

Chile to invest $200m in geothermal by 2012

The government of earthquake-prone Chile plans to invest at least $200m in geothermal development from now until 2012, the country’s Energy Minister Ricardo Raineri said.

27 August 2010

Sierra Geothermal Power sees increase in half-year losses

Sierra Geothermal Power moved further into loss in the second quarter, incurring a net loss of $912,636 compared to the $642,400 in net loss that it reported for the second quarter of 2009.

23 August 2010

US injects $15m into geothermal heat recovery innovation

The US Department of Energy’s (DOE) Geothermal Technologies Program has launched a $15m research and development funding opportunity for companies to innovate geothermal heat recovery methods.

19 August 2010

Queensland passes legislation to promote geothermal competition

The Parliament of Australia’s Queensland has passed legislation geared towards promoting competition amongst geothermal companies in the region, in addition to making a raft of investments to advance the industry.

18 August 2010

US Geothermal secures permit for construction of San Emidio project

US Geothermal has secured a special use permit from the Washoe County Planning Commission for the first phase of construction of its proposed 8.6MW net power plant at the San Emidio project in the US state of Nevada, which it hopes to complete late next year.

18 August 2010

Magma acquires another third of HS Orka, takeover expected ‘in the near term’

Magma Energy has acquired an additional one third of Icelandic geothermal company HS Orka through a subsidiary, taking its total stake to more than 84 per cent, after it threatened to pull out of a proposed takeover earlier this month due to questioning of the deal by the Icelandic government.

16 August 2010

UK’s first commercial geothermal plant gets planning permission

Geothermal UK The UK’s first commercial deep geothermal plant has been given planning permission by the local council in Cornwall, marking a major milestone in the development of the resource in the country.

13 August 2010

Tata Power explores geothermal, launches energy efficiency programme

India’s largest private energy company Tata Power is in the process of exploring opportunities for the development of geothermal power, managing director Prasad Menon said in the company's latest quarterly financial statement.

13 August 2010

Ram Power negotiates debt financing for San Jacinto geothermal project after quarterly production costs balloon

Geothermal project developer Ram Power slipped further into loss in the second quarter with its net loss spiking at $6.45m in the face of rising costs for energy production that were more than twenty times higher than those recorded for the same period last year.

11 August 2010

Geothermal company LSB Industries’ net sales rise a fifth on federal tax credits

For the second quarter, geothermal and water source heat pump manufacturer LSB Industries’ net sales rose more than a fifth year-on-year to $168.4m following an aggressive marketing campaign and the enactment of federal tax credits for ground heat pumps.

11 August 2010

Raser Technologies looks to wind and solar as costs outweigh revenue on Thermo 1 geothermal resource

Following a recoverability assessment by independent auditors in June, which discovered that the Thermo 1 plant in the US state of Utah carried a $52.2m impairment according to accounting principles, geothermal project developer Raser Technologies exclusively told NewNet it is looking to diversify into solar and wind.

11 August 2010

New Zealand company Miraka contracts GEA Process Engineering for $25m geothermal-powered milk plant

Global company GEA Process Engineering is set to construct a geothermal-powered milk processing plant that uses energy from a nearby geothermal resource for Miraka on a greenfield site in New Zealand, under a new NZD35m ($25m) contract.

10 August 2010

Qualibou Energy secures $45m to fund its Caribbean geothermal project

Geothermal developer Qualibou Energy was highlighted as the stock to watch yesterday following its lockdown of $45m towards financing its $60m St Lucia power project in the Caribbean, by Wall Street Capital Funding.

6 August 2010

Indonesia to shortlist Tata and Medco for 200MW geothermal project

The Indonesian government has shortlisted both India-based energy generator Tata Power and PT Medco Energi Internasional for a 200MW geothermal plant, according to reports.

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