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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.

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.

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.

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.

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.

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.

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.

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.

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.

27 July 2010

Geothermal company Calpine uses $1.1bn private placement to repay debt

NYSE-listed geothermal and natural gas company Calpine, which reported net losses of $47m for the first quarter of 2010, has raised $1.1bn through the sale of senior secured notes due in 2020 through a private placement.

26 July 2010

Nevada on track to become world’s top geothermal energy producer

The US state of Nevada is on track to become the world's top geothermal energy producer as it will have an economic output of $22.5bn over the next 30 years, according to the Geothermal Energy Association.

23 July 2010

Supreme Court of British Columbia grants Sierra Geothermal right to exchange shares with Ram Power

The Supreme Court of British Columbia, Canada has issued an interim order authorising Toronto Stock Exchange-listed geothermal developer Sierra Geothermal Power to sell all of its outstanding shares to Ram Power in exchange for Ram’s common shares.

23 July 2010

Urex Energy diversifies into geothermal, changes name to Mustang Geothermal

Urex Energy, which has traditionally developed uranium mining projects in New Mexico, has diversified into geothermal and changed its name to Mustang Geothermal.

23 July 2010

Qualibou Energy to develop geothermal project on St Lucia

Pink Sheets-listed geothermal project developer Qualibou Energy has entered into a binding agreement with the government of St Lucia to develop and deliver power from geothermal resources on the island.

21 July 2010

US Geothermal contracts TAS Energy to construct first phase of San Emidio project under $30m project loan

US Geothermal, an NYSE-listed company that produces and sells geothermal energy from the projects it develops, has contracted Texan engineering, procurement and construction company TAS Energy to manufacture the first phase of its San Emidio geothermal project under a $30m loan.

15 July 2010

TAS Energy to provide plant for Neal Hot Springs geothermal project

US Geothermal has selected TAS Energy to supply high efficiency, modular, clean energy power plant technology for its Neal Hot Springs geothermal power project in eastern Oregon.

14 July 2010

Huisman begins drilling The Hague geothermal project

Huisman Equipment’s land drilling rig, the LOC 400, operated by the Northern Dutch Drilling Company (NDDC), has started its second geothermal drilling project.

14 July 2010

Raser Technologies may sell interests in Thermo 1 geothermal project to satisfy debt obligation

Geothermal project developer Raser Technologies has indicated that it may sell a part or all of its interest in the Thermo 1 project to satisfy its debt obligation.

13 July 2010

Australia eyes Victoria geothermal energy

New figures published by the Victoria government in Australia show that the region has over ten times more geothermal potential than previously estimated.

12 July 2010

Indonesia to channel $1bn US Ex-Im Bank loan into geothermal

Indonesian officials said that a $1bn credit facility from backers including the US Export-Import Bank will be used to develop geothermal and other renewable energy projects, according to a Reuters report.

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