News
Sep 21, 2008WebWire.com: “Glitnir acts as financial adviser for Nevada Geothermal Power”
Another article looking at CanGEA member Glitnir and their continued leadership in the financial community in the development of the geothermal energy industry. Glitnir recently aided in the loan facility for Nevada Geothermal’s 49.5 MW Blue Mountain, Nevada geothermal power plant.
Glitnir has been instrumental in closing a USD 180 million loan facility for Nevada Geothermal Power to build the first phase of a new 49.5 MW geothermal power plant.
The deal, which was co-arranged with Morgan Stanley & Co., allows the company to start construction on the Blue Mountain geothermal power plant, also known as “Faulkner 1“. When completed in late 2009, the geothermal power plant will supply the growing population of southern Nevada with much needed baseload power.
To read the full article: http://www.webwire.com/ViewPressRel.asp?aId=74849
Sep 16, 2008
MarketWatch.com: “Record-Setting Attendance Expected at Geothermal Events in Reno”
MarketWatch.com and the Geothermal Energy Association are announcing record registration numbers for the 2008 Geothermal Energy Conference and Expo in Reno, Nevada. CanGEA Executive Director and Chairman Alison Thompson and Membership & Education Director Craig Dunn will be attending the event. Both Craig and Alison will be presenting at the conference. The theme for this years meeting is Geothermal Is Gaining Steam. This event gives CanGEA an excellent opportunity to raise Canadian geothermal energy industry awareness!
CanGEA will also be hosting a corporate member’s hospitality event in Reno. The event will be open to current and prospective CanGEA corporate members. More details to follow.
Geothermal experts and businesses from around the world will be converging on Reno, Nevada, in record numbers in early October. Reno is the site for the Geothermal Energy 2008 Conference and Expo sponsored jointly by the Geothermal Energy Association (GEA) and the Geothermal Resources Council (GRC). The Conference and Expo have already set pre-registration records, and will almost certainly be the largest international geothermal conference and expo ever held.
To read the full article: click here
Sep 16, 2008
MarketWatch.com: “Glitnir Bank Advises Nevada Geothermal Power On Financing”
CanGEA Member Glitnir Bank has continued their prominent role in the geothermal energy industry by providing finance and advisory services to Nevada Geothermal regarding their Blue Mountain, Nevada power plant.
Glitnir, the leading provider of financing and advisory services to the global geothermal energy industry, announced today that it served as lead co-arranger with Morgan Stanley & Company Inc. for a US$180 million loan facility for Nevada Geothermal Power Inc. The loan facility, provided by TCW Asset Management Company, will be used for the first phase of construction of the Blue Mountain geothermal power plant, known as “Faulkner 1.” The plant will have a capacity of 49.5 MW (gross) and the electricity will be sold under a 20-year Power Purchase Agreement (PPA) to Nevada Power Company. When it comes on line in late 2009 the geothermal power plant will supply the growing population of southern Nevada with clean, renewable baseload power.
To read the full article: click here
Sep 16, 2008
RenewableEnergyWorld.com: “Nevada Geothermal Proceeds on Faulkner Plant”
RenewableEnergyWorld.com has announced that Nevada Geothermal and Ormat Technologies will proceed with the construction of a 49.5 MW geothermal power plant at Blue Mountain, Nevada. Also announced is a 20-year PPA with the Nevada Power Company.
Nevada Geothermal Power Inc. (NGP) and Ormat Technologies, Inc. announced that NGP Blue Mountain 1 LLC has issued a Full Notice to Proceed (FNTP) under its fixed-price, date-certain engineering, procurement and construction (EPC) contract with Ormat Nevada Inc. to supply and construct the first phase of the 49.5-megawatt (MW) Faulkner 1 geothermal power plant at Blue Mountain, Nevada.
To read the full article: click here
Sep 15, 2008
Contest!
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Sep 08, 2008
EGS Research for Alberta: Dr. Moore & Dr. Majorowicz
Two of Canada’s top geothermal researchers came together to look at the resource potential of enhanced geothermal systems in the Alberta Basin. The report surveys the potential heat resources estimated at various depths within the geographic boundaries of the Province of Alberta, Canada. The study was designed to evaluate deep heat resources that might support the development of Engineered Geothermal Resources (EGS) for either electric power generation or native steam load.
CanGEA is grateful for this type of research being done, and special thanks to the authors (and CanGEA members) Dr. Jacek Majorowicz and Dr. Michal Moore.
www.cangea.ca/projects for more information and to download the report.
Sep 06, 2008
Google.org Provides Interactive Enhanced Geothermal Systems Maps
Google.org has a new geothermal energy map that can be loaded into google earth. This type of mapping can very helpful for geothermal exploration projects and it’s great that Google is taking such a interest in geothermal energy.
You can view information on EGS potential, complete with state-by-state information, available at http://www.google.org/egs.
These maps were produced with methodology used in the MIT study, The Future of Geothermal Energy.
You may need to download
Google Earth at http://earth.google.com/ in order to use this feature.
Sep 05, 2008
AltaRock Energy acquires Geothermal Land Rights in Deal with Timber Giant Weyerhaeuser
First funding from Google for EGS applications, now a historic geothermal land deal with Timber company powerhouse Weyerhaeuser. Looks like 2008 is a good year for CanGEA Gold member Altarock Energy,
Congratulations.
AltaRock Press Release
SAUSALITO, Calif., Sept. 2 CA-AltaRock-Energy
SAUSALITO, Calif., Sept. 2 /PRNewswire/—AltaRock Energy Inc. announced today it had finalized agreements with Weyerhaeuser Company (NYSE: WY) and the Weyerhaeuser Company Foundation allowing it to explore the potential for developing geothermal projects in California, Oregon, and Washington.
The geothermal rights, totaling nearly 667,000 acres, include approximately 25,400 acres in Northern California, 378,500 acres in south-central and western Oregon, and 263,000 acres in western Washington. AltaRock will be granted an exclusive option by Weyerhaeuser to assess the geothermal potential and can convert up to 40 percent of the acreage rights to geothermal development leases within two years.
AltaRock CEO Don O’Shei said, “We’re pleased to be working with Weyerhaeuser. AltaRock is confident in its ability to put this land to an environmentally friendly use that benefits both companies and the region. These geothermal rights will provide us with a pipeline of development projects to showcase our innovative technology, and generate jobs and clean, renewable energy.”
Weyerhaeuser said the agreements support its strategy of finding innovative ways to release the full potential of its land holdings. The agreements will further AltaRock’s goal to develop EGS in a cost-effective manner in order to provide baseload renewable energy to U.S. power markets, and to meet the renewable portfolio standard needs of utilities in states such as Washington, Oregon, California and Nevada.
Source of the press release:
http://www.earthtimes.org/articles/show/altarock-energy-finalizes-deal-with,522672.shtml
Sep 04, 2008
Google Invests over $10 million into Geothermal: Great News for CanGEA member, Altarock
Wonderful News for the geothermal industry, as search engine giant Google.org has invested over $10 million into the industry. Southern Methodist University will receive $489,000 to continue with their exceptional heat mapping program, innovative drilling technology leader Potter Drilling will receive $4 million and CanGEA gold members AltaRock will receive $6 million for their work in Enhanced geothermal Systems.
Scientific America covers the whole story
For $1 billion over the next 40 years, the U.S. could develop 100 gigawatts (a gigawatt equals one billion watts) of electricity generation that emits no air pollution and pumps out power to the grid even more reliably than coal-fired power plants, according to scientists at the Massachusetts Institute of Technology. Now Google.org—the charitable wing of the search engine giant—has chipped in nearly $11 million for this renewable resource: so-called geothermal power, or tapping the Earth’s heat to make electricity.
http://www.sciam.com/article.cfm?id=google-invests-in-geothermal&sc=rss
This funding makes Google the biggest investor/financial supporter of geothermal energy in the US, outspending the US government for this amazing renewable energy resource. Very impressive Google and thank you!
Sep 03, 2008
Prime Minister Stephen Harper Annouces Geological Resource Mapping of Canada’s Arctic
Prime Minister Stephen Harper has announced a major project to map geological resources in Canada’s Arctic. A total of $100 million has been set aside over the next five years to complete an on-shore geo-mapping exercise of the North.
“What we’ve found so far is merely the tip of the proverbial iceberg,” Harper said “Managed properly, Canada’s share of this incredible endowment will fuel the prosperity of our country for generations. And geo-mapping will pave the way for the resource development of the future.”
http://www.thestar.com/News/Canada/article/485648
CanGEA supports the idea of mapping and understanding of our natural/geological resources, and we would agree that the known energy and mining resources are just a start. In the Toronto Star article though, there is lots of talk about conventional energy resource potential (natural gas, oil, diamonds, gold) but no mention of geothermal energy? Even though there is renewable heat energy potential in the arctic, both for electricity and direct heat; will geothermal mapping be part of that funding?
Stay tuned to find out…
(did CanGEA mention that we could use a hand getting the message to Ottawa?)
