 |
10th March 2010
Geothermal services company ThermaSource and Nevada, US-based renewable energy company Ram Power, through its subsidiary Polaris Energy Nicaragua, have announced a drilling contract for the geothermal development of the San Jacinto-Tizate Project in Nicaragua.
5th March 2010
With the European Commission’s recent awards of €2.3bn to 43 gas and electricity projects under the Economic Recovery Package, the European Geothermal Energy Council (EGEC) has urged a further commitment to create a European fund covering geothermal exploration and drilling risk.
26th February 2010
US geothermal company Ormat Technologies’ revenues increased 20.4 per cent for the year 2009 to $415.2m, remaining consistent with the fourth quarter of 2008.
26th February 2010
Canadian geothermal company Sierra Geothermal Power has started drilling a second deep observation well at its 100 per cent owned Alum project, which is part of the designated Paymaster District geothermal area.
24th February 2010
New Zealand-focused geothermal company Contact Energy and the proprietors of geothermal company Taheke 8C and Adjoining Blocks have agreed to jointly appraise and develop the Taheke geothermal field near Rotorua.
22nd February 2010
US renewable energy company Reservoir Capital’s wholly-owned subsidiary, Southern European Exploration has been granted three more licenses to explore for geothermal energy in the Vojvodina Region of northern Serbia.
22nd February 2010
Japan has announced plans to provide Kenya with JPY29.5bn ($375m) in yen-denominated loans to build a geothermal power plant, according to reports.
19th February 2010
New Zealand power company Contact Energy’s application for a fast-tracked resource consent for its 250MW Tauhara geothermal power station will be the first to be considered by New Zealand’s Environment Minister Nick Smith under the new Environmental Protection Authority (EPA) process.
18th February 2010
NYSE-listed geothermal developer Ormat Technologies’ project subsidiary has signed a letter of intent with Kenya Power & Lighting (KPLC) for further expansion of its Olkaria III power plant by up to 52MW, from 48MW to up to 100MW, within the framework of the existing power purchase agreement.
17th February 2010
PT Perusahaan Listrik Negara (PLN), Indonesia’s state electricity company, has awarded Japan’s Sumitomo a $156.7m engineering contract to build a 100MW geothermal plant.
17th February 2010
Utah, US-based geothermal technology developer Raser Technologies has reached an agreement with project financing partners to extend the final performance and completion test of the Thermo 1 project to the end of June 2010.
11th February 2010
Geothermal power company Magma Energy Corp has made a number of changes to its management and also opened a new office in Iceland.
11th February 2010
Ormat Technologies, through its wholly owned subsidiary, Ormat Nevada, has signed an agreement to acquire 100 per cent of the membership interests in HSS II, which includes the Hot Sulphur Springs Geothermal Project in the northern Independence Valley of northeast Nevada, US. Ormat is aquiring the interest from its current owners, private equity funds managed by Energy Investors Funds.
11th February 2010
NYSE-listed energy services company NV Energy has signed a 20-year power purchase agreement with a subsidiary of renewable energy developer Ram Power Corporation for energy that will be produced by a new geothermal power plant under development in central Nevada.
8th February 2010
Icelandic geothermal company HS Orka’s profit for 2009 amounted to ISK6.8bn ($53m) compared to a loss of ISK11.7bn ($90m) for 2008.
2nd February 2010
An affiliate of US energy and commodities-focused private investment firm Denham Capital has invested $108m in US geothermal energy project developer Vulcan Power’s preferred and common stock.
27th January 2010
Vancouver-based renewable energy company Sierra Geothermal Power Corp has seen a proposal from Exploration Capital Partners 2005 Limited Partnership to increase the size of its board of directors from six to thirteen, rejected following a shareholder vote.
21st January 2010
Magma Energy has been awarded a 100,000 hectare Pellado geothermal property, 300km south of Santiago, by the Chilean government.
18th January 2010
Geothermal developer Reykjavik Geothermal has entered into a partnership with Ambata Capital Partners to explore, develop and operate utility scale geothermal power generation, focusing on emerging markets.
11th January 2010
US President Barack Obama has announced awardees of the clean energy manufacturing tax credit in the American Recovery and Reinvestment Act.
8th January 2010
NYSE-listed geothermal-focused renewable energy company Raser Technologies has appointed Nicholas Goodman as its CEO.
8th January 2010
Nevada Geothermal Power has completed two new deep injection wells that, when connected, the company said will enable the Faulkner 1 plant to operate at approximately 40MW of net generation capacity. Two or more additional wells will be drilled as part of the current programme to further optimise production from the existing plant.
7th January 2010
Following a field optimisation programme, geothermal company Magma Energy Corporation has reported successful flow testing of its 3MW Soda Lake production well 45A-33, which was drilled in June 2009.
23rd December 2009
US based renewable energy developer Nevada Geothermal Power has increased production from its flagship Faulkner 1 power plant and reports positive interim results from its current output-optimisation drilling programme.
18th December 2009
NYSE-listed power company Calpine Corporation has closed an extension of a $150m letter of credit facility by its subsidiary Calpine Development Holdings.
16th December 2009
US industry body Geothermal Energy Association (GEA) has predicted that the number of US states with installed geothermal power capacity will reach double figures by 2010. The association said that new projects were expected to come onstream in four to eight states, and that the DOE will recognise near-term potential of 20GW.
15th December 2009
U.S. Geothermal, through its wholly owned subsidiary, USG Oregon, has signed a power purchase agreement (PPA) with Idaho Power Company, a subsidiary of energy and technology group Idacorp.
15th December 2009
Magma Energy has closed a previously announced agreement to acquire 32.32 per cent of Icelandic geothermal company HS Orka for ISK3.7bn ($29.5m) and three bonds totalling approximately $70m.
9th December 2009
US green energy company Raser Technologies has reached an agreement with renewable energy power plant investment fund Evergreen Clean Energy for the structuring and financing of well field development for up to 100MW of geothermal power projects.
9th December 2009
A renewable technology that generates heat from below the ground could produce a third of the UK’s renewable heat requirements by 2020, according to a report by the UK Environment Agency.
8th December 2009
US energy company Raser technologies has reached an agreement with its financiers over its Thermo No 1 geothermal plant. After nearly three months of negotiations and extensions, the new financing arrangements will allow the company to apply for a $33m American Recovery and Reinvestment Act energy stimulus grant, which will allow it to become the sole owner of the plant.
3rd December 2009
US investment management firm Trust Company West has taken a $6.4m stake in renewable power developer Nevada Geothermal. TCW are to purchase 4.5 million common shares at CAN$1.50 a share for up to five years.
3rd December 2009
US energy company Raser Technologies has announced further delays on the financing agreements for its Thermo No 1 geothermal plant. The company said it is attempting to amend the framework of its financing agreements in order to be eligible for energy tax credits under the American Recovery and Reinvestment Act stimulus initiative. Once the agreements are renegotiated, Raser says that it will apply for a grant of $30-$34m.
1st December 2009
Nevada Geothermal Power has received a $57.9m federal grant through its subsidiary, NGP Blue Mountain 1. The grant relates to the successful completion of the Faulkner 1 geothermal plant.
30th November 2009
Nevada Geothermal Power has repaid $30m of its loan from TCW Bank Loan Group. The balance to pay the loan down to approximately $70m is expected to come from a senior debt financing planned with John Hancock Life Insurance Company, anticipated to close in January.
20th November 2009
GE has been awarded $2m to develop a sensor that can operate at the high temperatures and pressures needed for enhanced geothermal systems as part of an $11m grant from the US Department of Energy (DOE) to enhance geothermal power generation in the US.
16th November 2009
Geothermal energy company Magma Energy reported a net loss of nearly $2.7m or ($0.01) per share for the first financial quarter ending 30 September 2009, since its inception in 2008. The company’s net loss in the comparative period of 2008 was $829,860.
13th November 2009
The US Department of the Treasury has approved Nevada Geothermal Power’s application of $57.9m for the Blue Mountain Faulkner One geothermal power plant, according to a statement by the company.
12th November 2009
A subsidiary of renewable energy company Ormat Technologies has signed a 20-year power purchase agreement with NV Energy subsidiary Nevada Power Company, to purchase 30MW from the McGinness Hills Geothermal project, which is currently under construction.
9th November 2009
The Paralana Geothermal energy project, run by Petratherm and joint venture partners Beach Petroleum and TRUenergy Geothermal, has been awarded a grant of around AUS$62.8m (€38.9m) from the Australian Government’s Renewable Energy Demonstration Program.
5th November 2009
Renewable power developer Terra-gen Power has closed a $240m debt facility for its 831MW project portfolio.
The facilities are composed of a $215m, 2.5 year senior secured loan and $25m working capital. The loan was used to refinance existing corporate credit and pay expenses and transaction fees, and the working capital will be used to support [...]
5th November 2009
Geothermal manufacturer and developer Ormat Technologies announced that it had increased third quarter revenues, driven by its power equipment supply segment. Revenues grew to $119.8m from $99.7m in the third quarter of 2008, and profits increased 48 per cent to $23.4m. Ormat said that it was issuing a dividend of $0.6 per share to investors.
4th November 2009
GE Energy Financial Services, GE’s global energy investment arm, has loaned $50m to Indonesia’s biggest geothermal power producer, a 220MW emissions-free facility set in a volcanic region of tea and quinine plantations.
3rd November 2009
Utah energy company Raser Technologies has signed an agreement with the financing partners to extend the completion date on its Thermo No 1 geothermal project. The extension will allow parties to finalise amendments to the financing agreements for the project in anticipation of the company applying for up to $34m federal funding.
2nd November 2009
Nevada Geothermal Power (NGP) has been awarded two grants through the Department of Energy (DOE) under the American Reinvestment and Recovery Act Geothermal Technologies programme.
30th October 2009
The US Department of Energy Secretary (DOE) has awarded $338m in Recovery Act funding to the exploration and development of new geothermal fields and research into advanced geothermal technologies.
30th October 2009
Canadian geothermal power company Magma Energy has received a $10m grant from the US Department of Energy (DOE) for two Nevada geothermal projects.
27th October 2009
Geothermal power company Magma Energy and Ram Power’s wholly owned subsidiary, Polaris Geothermal, have jointly won an international bid for two geothermal concessions known as Volcán Mombacho and Caldera de Apoyo in Nicaragua.
23rd October 2009
U.S. Geothermal, a renewable energy company focused on the production and sale of electricity from geothermal energy, announced today that well it had completed the second full size production well at its Neal Hot Springs project in Eastern Oregon.
23rd October 2009
The UK Department of Energy and Climate Change has announced the availability of £6m to fund deep geothermal energy exploration projects.
Deep geothermal is a form of renewable energy that utilises natural heat
Potential resource scarcity lies at the heart of Virgin Green Fund's investment strategy, with a focus on promising companies across a global range of sectors, technologies and geographies.
‘We look at the convergence and overlap of the energy, water and waste sectors as key broad themes for our investment strategy and where we tend to operate, to find these companies - an area that we feel can only get bigger.'