geothermal

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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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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4 August 2010

Inter-American Development Bank finances $40m Nicaragua geothermal expansion

The Inter-American Development Bank will provide a $40m loan to support the second phase expansion of the San Jacinto-Tizate geothermal power project in Nicaragua being developed by Polaris Energy's Nicaragua division.

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3 August 2010

Ormat Nevada becomes sole owner of Mammoth geothermal complex, acquires Consellation Energy’s stake

NYSE-listed geothermal project developer Ormat Technologies’ subsidiary Ormat Nevada has become the sole owner of the Mammoth complex of geothermal plants in Mammoth Lakes, California by acquiring Constellation Energy’s 50 per cent stake for $72.5m.

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2 August 2010

Geothermal company Calpine’s losses deepen as commodity margin slumps

The net losses of listed geothermal and natural gas project developer Calpine, which recently said it used $1.1bn raised through a private share placement to repay debt, stood at $115m for the second quarter – leading it to raise the lower end of its full-year guidance.

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2 August 2010

Ormat Nevada’s $350m financing for homeland projects to be guaranteed under federal initiative

Ormat Nevada, the subsidiary of geothermal project developer Ormat Technologies, will use a $350m loan facility to develop three geothermal projects in the US state, which will be guaranteed by the federal government under a ‘cost-effective’ financial partnership initiative.

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30 July 2010

Philippine geothermal company Energy Development Corp to spend $1bn on clean energy

Philippine-based geothermal power company Energy Development Corp (EDC) has committed to spending more than $1bn in renewable and clean energy projects before 2016.

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29 July 2010

Magma Energy ‘confident’ HS Orka acquisition complies with Icelandic law

Geothermal power company Magma Energy has responded to moves by the Icelandic government to carry out an investigation into its proposed takeover of HS Orka, stating it is confident the deal is legal.

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28 July 2010

Icon Energy obtains approval for two Queensland geothermal projects

Australian geothermal project developer Icon Energy has received the seal of approval to construct two projects in the Queensland region.

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28 July 2010

Magma’s $45.1m public offering marred by Icelandic investigation

Geothermal company Magma Energy’s closing of its public offering at over $45.1m was marred yesterday when the Icelandic government reportedly opened an investigation into the legality of the company’s acquisition of a stake in Iceland-based geothermal company HS Orka, the country’s largest privately-held energy company.

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27 July 2010

Pratt & Whitney’s Italian subsidary to supply geothermal plant to German utility

The Italy-based subsidary of US aircraft engine manufacturer Pratt & Whitney Power Systems, Turboden, will supply a 5MW geothermal Organic Rankine Cycle turbogenerator to German power utility SWM - Stadtwerke München under a new contract.

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