News
Sep 13, 2010Ram Power appoints John O’Neill as Vice President and Chief Financial Officer
RENO, NEVADA-(September, 13, 2010) – Ram Power, Corp. (TSX: RPG) ("Ram Power") is pleased to announce the appointment of John O’Neill as Vice President and Chief Financial Officer. The addition of Mr. O’Neill compliments Ram Power’s existing management staff with a high level of expertise in key areas as Ram Power continues its commitment to become the leading renewable energy company.
In his new position, Mr. O’Neill will take over as Chief Financial Officer from Paul Zavesov, who will be transitioning to a senior role in Business Development. Mr. O’Neill was most recently at EGB Consulting, where he provided strategic guidance on debt and capital raises, mergers, acquisitions, business sales and turnaround management and recapitalization. Prior to EGB, Mr. O’Neill served as Chief Financial Officer and Treasurer of Homeland Renewable Energy, which specializes in Biomass renewable energy. Mr. O’Neill was also Chief Financial Officer and Treasurer of the Environmental Power Corporation, a NASDAQ listed company, CFO and Treasurer of Constellation NewEnergy, (the largest retail electricity company in North America) and also worked as a CPA and Sr. Mgr for KPMG. Mr. O’Neill holds a B.S. in Accounting from Bentley University in Waltham, Massachusetts.
Hezy Ram, CEO of Ram Power, stated, “I would like to thank Paul for all of his work on behalf of the Company as interim Chief Financial Officer and look forward to his continuing contributions to Ram Power’s success in his new role. I want to welcome John to the Ram Power team. His collective skills, expertise and experience will be great assets in helping Ram Power strengthen the necessary infrastructure to improve management of our rapid growth.”
About Ram Power, Corp.
Ram Power is a renewable energy company based in Reno, Nevada, engaged in the business of acquiring, exploring,
developing, and operating geothermal properties and has an interest in geothermal projects in the
United States, Canada and Latin America
Steven Scott, Director of Investor Relations
Ram Power, Corp.
Phone: 775-398-3711
Email: .(JavaScript must be enabled to view this email address)
Cautionary Statements
This press release contains “forward-looking information” within the meaning of applicable securities laws including information regarding the business of Ram Power. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by this information. The statements in this press release are made as of the date of this release. Ram Power, undertakes no obligation to update forward looking information, other than as required by law, or comment on analyses, expectations or statements
made by third-parties in respect of Ram Power, or its financial or operating results or its securities.
Sep 08, 2010
U.S. Geothermal announces strategic investment by Enbridge in Neal Hot Springs
September 8, 2010
TRADING SYMBOLS:
In the United States: NYSE Amex: HTM and in Canada: TSX:GTH
U.S. GEOTHERMAL ANNOUNCES STRATEGIC INVESTMENT BY ENBRIDGE IN NEAL HOT SPRINGS PROJECT CONSTRUCTION ACCELERATING
Boise,Idaho- September 8, 2010 (NYSE Amex: HTM, TSX: GTH)U.S. Geothermal Inc., a leading renewable energy company focused on the development, production and sale of electricity from geothermal energy, announced today that it has entered into a strategic and financial partnership with Enbridge (U.S.) Inc. ("Enbridge"), a subsidiary of Enbridge Inc, a NYSE and TSX-listed company with a market capitalization of $18.75 billion. The partnership involves Enbridge investing up to US$23.8 million in the 35 megawatt ("MW") Neal Hot Springs geothermal project in eastern Oregon.
Enbridge transports and distributes energy across North America, and operates the world's longest crude oil and liquids transportation system. The company, which is headquartered in Calgary, Alberta, has expanding interests in green energy technologies, including wind and solar energy, hybrid fuel cells and waste heat recovery projects.
The Enbridge equity investment in the Neal Hot Springs project will fully fund the remaining equity share of the construction costs, with the balance of the construction costs being funded by the previously announced U.S. Department of Energy ("DOE") conditional commitment for a project loan. Subject to adjustment, Enbridge will acquire 20% direct ownership interest in the project and will receive 24% of the Investment Tax Credit cash grant. U.S. Geothermal has now already invested approximately $13.0 million in USG Oregon LLC, its subsidiary that owns the project. A total of up to $36.8 million in equity, together with up to $102.2 million of project debt provided under the loan guarantee program from the DOE, is now invested in or available for completion of the $124.3 million project.
"Our strategic partnership with Enbridge assures full financing for the successful construction and operation of the Neal Hot Springs geothermal project," said Daniel Kunz, President and Chief Executive Officer of U.S. Geothermal Inc. "We look forward to a long and successful partnership with Enbridge on this and potentially other geothermal projects in our portfolio. Upon achieving commercial operation, Neal Hot Springs will be our third operating geothermal asset and will build upon our track record of successfully developing our existing pipeline of quality resources".
"Enbridge is already heavily involved in renewable and alternative energy projects through our interests in 810 megawatts of wind, solar, waste heat recovery and fuel cell projects," said Patrick D. Daniel, Enbridge's President and CEO. "This investment is our initial entry into geothermal energy, which we think has an important role to play in North America's shift toward a greener energy production mix. We look forward to our relationship with U.S Geothermal and the potential that we may find further opportunities to partner together"
At Neal Hot Springs, USG Oregon LLC is constructing a new modular, air-cooled binary cycle power plant manufactured by TAS Energy Inc. of Houston, Texas, with gross capacity of 35 MWs and an average annual output subject to seasonal and other variations of 23 net MWs of electricity. Fixed-price equipment supply and firm-price construction prices for the plant and the other associated costs have been secured from the equipment supplier and the construction contractor. The anticipated commercial operations date is the fourth quarter of 2012.
The Neal Hot Springs development project is the first geothermal project to be offered a conditional commitment for a loan guarantee under DOE's Title XVII loan guarantee program, which was created by the Energy Policy Act of 2005 to support the deployment of innovative clean energy technologies. Issuance of the loan guarantee is subject to the satisfaction of certain conditions precedent. Once issued, the DOE loan guarantee will guarantee the project loan from the U.S. Treasury's Federal Financing Bank. Up to 25 MWs of the electrical output from the Neal Hot Springs project is sold through 2032 under the terms of a previously announced power purchase agreement with Idaho Power Company, a subsidiary of IdaCorp.
BofA Merrill Lynch acted as the exclusive placement agent, and Brownstein Hyatt Farber Schreck, LLP advised U.S. Geothermal in regards to this transaction.
About U.S. Geothermal Inc.:
U.S. Geothermal Inc. is a leading renewable energy development company that is operating geothermal power projects at Raft River, Idaho and San Emidio, Nevada. The Neal Hot Springs project will be the company's third operating power project. The company holds geothermal energy rights to 69,500 acres comprising six advanced stage geothermal development projects. The San Emidio project is currently undergoing construction of a new 8.6 net MW binary cycle power plant.
About Enbridge:
Enbridge Inc. is a North American leader in energy delivery and one of the Global 100 Most Sustainable Corporations. As a transporter of energy, Enbridge operates, in Canada and the U.S., the world's longest crude oil and liquids transportation system. The Company also has a growing involvement in the natural gas transmission and midstream businesses, and is expanding its interests in green energy technologies, including wind and solar energy projects, hybrid fuel cells and carbon dioxide sequestration. As a distributor of energy, Enbridge owns and operates Canada's largest natural gas distribution company and provides distribution services in Ontario, Quebec, New Brunswick and New York State. Enbridge employs almost 6,500 people, primarily in Canada and the U.S. The Company's common shares trade on the Toronto and New York stock exchanges under the symbol ENB. For more information, visit www.enbridge.com.
FOR ADDITIONAL INFORMATION PLEASE CONTACT:
Saf Dhillon - Investor Relations
U.S. Geothermal Inc.
Tel: 866-687-7059
Fax: 208-424-1030
.(JavaScript must be enabled to view this email address)
Please visit our Website at: www.usgeothermal.com
The information provided in this news release may contain forward-looking statements within the definition of the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995, including statements regarding the anticipated development of San Emidio, including financing, megawatt output and schedule. These statements are based on U.S. Geothermal Inc.'s current expectations and beliefs and are subject to a number of risks and uncertainties that can cause actual results to differ materially from those described, including but not limited to, completion of the definitive agreements with Enbridge, application for and approval of long-term financing from the DOE. Readers are cautioned to review the risk factors identified by the company in its filings with Canadian and US securities agencies. Forward-looking statements are based on management's expectations, beliefs and opinions on the date the statements are made. U.S. Geothermal Inc. assumes no obligation to update forward-looking statements if management's expectations, beliefs, or opinions, or other factors, should change.
The NYSE Amex and the Toronto Stock Exchange do not accept responsibility for the adequacy of this release.
Sep 07, 2010
New Geothermal Concessions in Chile
The Chilean Government has announced 21 new geothermal concessions ranging from the far northern region of Tarapacá to the Lakes district in the centre of the country. Details on the tender process can be downloaded until September 30, 2010 from the Ministry of Energy website through a banner on the main page called "Bases de licitación Geotermia". Reception and review of applications will take place on November 9, 2010 at the offices of the Ministry of Energy.
For more information visit: http://www.minenergia.cl
Background:
As one of the world's most geologically active countries in the world, Chile possesses great untapped geothermal potential. The country's demand for electricity is forecast to grow at 6% per year over the next 15 years. The Chilean Government has committed to having 20% of electricity produced in Chile come from renewable sources by the year 2020. Under this plan, Chile hopes to have 6% of electricity produced in this country come from geothermal sources. At present, there is no geothermal production taking place but several companies such as Magma Energy are at advanced stages of project development and plan to begin production in 2014.
Sep 07, 2010
NGP Announces US $98.5 Million Financing Closed with John Hancock
First Renewable Project to Obtain DOE Loan Guarantee Under the Financial Institution Partnership Program
Vancouver, B.C. (September 7, 2010), Nevada Geothermal Power Inc. (NGP) (TSX.V: NGP, OTCBB: NGLPF)is pleased to announce that it has closed a US $98.5 million loan with John Hancock Financial Services as lead lender and the U.S. Department of Energy (DOE) as loan guarantor for 80 percent of the loan amount or US $78.8 million. The blended interest rate for the loan has been determined at 4.14%.
NGP is the first renewable power development company to complete a loan guarantee through the DOE's Financial Institution Partnership Program (FIPP), an important initiative for clean energy supported by the 2009 American Recovery and Reinvestment Act. The loan was assigned a BB+ credit rating by Fitch Ratings Ltd., of New York.
"I'm pleased that Recovery Act financing is helping Nevada Geothermal Power to create jobs in northern Nevada and bringing us closer to energy independence," said Senator Harry Reid.
Nevada Governor Jim Gibbons commented, "With Nevada's goal of becoming a leader in geothermal energy production, it's promising to see a company like NGP accelerate success through a strong relationships with senior financial institutions such as John Hancock and the Department of Energy Loan Programs Office. We know that they have a bright future ahead of them as they exhibit momentum and leadership in the development of renewable base load energy."
The Faulkner 1 geothermal plant is currently producing 36-38 MW (net) and has a 20-year power purchase agreement with NV Energy. Humboldt County Administrator Bill Deist stated, "The Blue Mountain project has had a positive impact on our local economy and has been an excellent fit within the Winnemucca region. It has created important, long-term employment opportunities and is a win-win for everybody."
NGP continues development work on the Faulkner 1 project in order to achieve its full power output capacity. "Closing the loan is a huge step for NGP, as it represents a major milestone in the development of the Blue Mountain project and of the company as a whole. NGP provides significant employment in Nevada and the Winnemucca area and we believe the Faulkner 1 project will provide a stable base for expanding employment opportunities as the Company embarks on additional development projects, " said NGP President and Chief Executive Officer Brian Fairbank. "We appreciate the hard work and cooperation of our partners, the DOE, John Hancock, TCW and our financial advisors RLR Consultants and MC Capital Partners, throughout this process."
John Hancock Financial Services is a leading institutional energy lender with experience in fixed rate utility lending, project financing and private equity investments, including prior geothermal financings. John C.S. Anderson, Head of Power & Infrastructure Finance at John Hancock stated, "John Hancock is very pleased that Blue Mountain is the first project to have closed a DOE loan guarantee through FIPP. We have been working very hard to develop FIPP financings over the last year, and are delighted that NGP is the first company to reach this impressive milestone. We are looking forward to supporting NGP in its future endeavors."
About Nevada Geothermal Power Inc.:
Nevada Geothermal Power Inc. operates the 49.5 MW Faulkner 1 geothermal plant in Nevada. It is a growing, renewable energy developer focused on producing clean, efficient and sustainable geothermal electric power from high temperature geothermal resources in the United States. NGP currently owns a 100% leasehold interest in five properties: Blue Mountain, Pumpernickel Valley, Edna Mountain and Black Warrior in Nevada, and Crump Geyser, in Oregon. These properties are at different levels of exploration and development. NGP estimates a potential of between 150 MW and 300 MW from its current leaseholds.
Nevada Geothermal Power Inc.
Brian D. Fairbank, P. Eng.
President & CEO
http://www.nevadageothermal.com
Investor Inquiries:
Paul Mitchell
Nevada Geothermal Power Inc.
Telephone: 604-688-1553 X118
Direct Line: 604-638-8784
Toll Free: 866-688-0808 X118
Email: .(JavaScript must be enabled to view this email address)
This Press Release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We have tried, whenever possible, to identify these forward-looking statements using words such as "anticipates," "believes," "estimates," "expects," "plans," "intends," "potential" and similar expressions. These statements reflect our current belief and are based upon currently available information. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance or achievements to differ materially from those expressed in or implied by such statements. We undertake no obligation to update or advise in the event of any change, addition, or alteration to the information catered in this Press Release including such forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Sep 03, 2010
MAGMA ENERGY COMPLETES PURCHASE OF 98.5% OF ICELANDIC GEOTHERMAL COMPANY HS ORKA
(all amounts in USD unless stated otherwise)
VANCOUVER, Sept. 3 /CNW/ - Magma Energy Corp. (TSX: MXY) announces that its wholly-owned subsidiary, Magma Energy Sweden A.B., today has closed the final portion of a previously announced agreement to acquire further shares of Iceland geothermal company HS Orka hf. Magma Sweden now holds a 98.53% interest in HS Orka.
In today's transaction, Magma Sweden acquired 14.32% of HS Orka's outstanding shares from Geysir Green Energy ehf by assuming a bond with the municipality of Reykjanesbaer with a principal value of ISK 6.3 billion repayable in 2016 with interest at 3.5% per annum. The principal amount is indexed based on movements in aluminum prices on the London Metal Exchange. The adjustment is equal to one half the relative difference between the actual price (capped at $3,250/tonne) and a reference price of $1,500/tonne.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS AND INFORMATION
This news release contains certain "forward-looking information" within the meaning of Canadian securities laws, which may include, but is not limited to, statements with respect to future events or future performance and prospects for closing our acquisition of a further interest in HS Orka. Such forward-looking information reflects management's current beliefs and is based on information currently available to management.
A number of known and unknown risks, uncertainties and other factors, may cause our actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information, including, but not limited to, risks that: conditions to closing Magma Sweden's acquisition of a further interest in HS Orka may not be met; the government of Iceland may take actions to invalidate or wind-down Magma Sweden's acquisition of a further interest in HS Orka; the government of Iceland may take steps to invalidate or wind-down the prior privatization of Hitaveita Sudurnesja (now HS Orka); the government of Iceland may pass legislation or constitutional amendments to nationalize or restrict private or foreign ownership in Iceland's energy sector; and general economic conditions. Forward-looking information and statements are also based upon the assumption that none of the identified risk factors that could cause actual results to differ materially from the forward-looking information and statements will occur.
There can be no assurance that the forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, prospective investors should not place undue reliance on forward-looking information. Other than as required by applicable securities laws, we assume no obligation to update or revise such forward-looking information to reflect new events or circumstances.
For further information: Alison Thompson, Vice President, Corporate Relations, Magma Energy Corp., Phone: 604.646.1882, Email: .(JavaScript must be enabled to view this email address)
Sep 02, 2010
Nevada Geothermal Power Announces Private Placement, Total Funds C$10,000,000
Vancouver, B.C. (September 2, 2010), Nevada Geothermal Power Inc. (NGP) (TSX.V: NGP, OTCBB: NGLPF), today announced that it will proceed with a non-brokered private placement for up to 20,000,000 units at a price of C$0.50 per unit to raise gross proceeds of up to C$10,000,000.
Each unit will consist of one common share (a "Share") and one transferable share purchase warrant (a "Warrant"), with one Warrant entitling the holder to purchase one additional common share (a "Warrant Share") of the Company at a purchase price of $0.70 per Warrant Share (the "Offering").
In the event that the closing price of the Company's common shares on the TSX Venture Exchange (the "Exchange") is $1.00 or greater per share for a period of 20 consecutive trading days, the Company may accelerate the expiry date of the Warrants and in such case the Warrants must be exercised within 30 days.
NGP has engaged KBH Capital Corp. (the "Finder") to assist with the Offering. NGP will pay the Finder a cash finders fee equal to 5% of the gross proceeds raised from subscriptions in the Offering from persons introduced to the Company by the Finder; and issue to the Finder that number of unit purchase warrants (the "Finder's Warrants") that are equal to 5% of the number of Units sold to investors introduced to the Company.
The net proceeds of the offering will be used to fund further development at the Blue Mountain Faulkner 1 geothermal power plant, development of other existing projects and for working capital.
The Offering is subject to the acceptance of the TSX Venture Exchange and all securities to be issued in connection with the Offering shall be subject to a four month hold period.
About Nevada Geothermal Power Inc.:
Nevada Geothermal Power Inc. operates the 49.5 MW Faulkner 1 geothermal power plant in Nevada. It is a growing, renewable energy developer focused on producing clean, efficient and sustainable geothermal electric power from high temperature geothermal resources in the United States. NGP currently owns a 100% leasehold interest in five properties: Blue Mountain, Pumpernickel Valley, Edna Mountain and Black Warrior in Nevada, and Crump Geyser, in Oregon. These properties are at different levels of exploration and development. NGP estimates a potential of between 150 MW and 300 MW from its current leaseholds.
Nevada Geothermal Power Inc.
Brian D. Fairbank, P. Eng.
President & CEO
http://www.nevadageothermal.com
Investor Inquiries:
Paul Mitchell
Nevada Geothermal Power Inc.
Telephone: 604-688-1553 X118
Direct Line: 604-638-8784
Toll Free: 866-688-0808 X118
Email: .(JavaScript must be enabled to view this email address)
This Press Release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We have tried, whenever possible, to identify these forward-looking statements using words such as "anticipates," "believes," "estimates," "expects," "plans," "intends," "potential" and similar expressions. These statements reflect our current belief and are based upon currently available information. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance or achievements to differ materially from those expressed in or implied by such statements. We undertake no obligation to update or advise in the event of any change, addition, or alteration to the information catered in this Press Release including such forward-loo king statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
