News
Sep 05, 2008AltaRock 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
