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Feb 03, 2012

Banff one of the 12 Hot Springs Worth Traveling For

On February 1, 2012, Fox News published an article called "12 Hot Springs Worth Traveling For". Alberta's very own Banff Upper Hot Spring in Banff National Park made it onto the list!

Banff is Canada's premier demonstration of geothermal energy in practice. CanGEA will be releasing our Projects Overview shortly and Banff is mentioned in this as well.

To see the article, please visit the Fox News website.

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Jan 09, 2012

Canadian Geothermal Power & Direct Use of Heat Technology Roadmap and Implementation Plan - TIS

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Jan 08, 2012

CanGEA shortlisted for $10 million in funding by CCEMC

 

January 4, 2012

 

Climate Change and Emissions Management (CCEMC) Corporation announces shortlist for $10 million in funding

 

31 SMEs invited to submit full proposals for clean technology projects.

 

EDMONTON – The Climate Change and Emissions Management Corporation is inviting 31 small and medium-sized enterprises (SMEs) to submit full proposals for funding to support clean technology projects that reduce greenhouse gas emissions. A total of $10 million in funding is available.

 

The CCEMC invited expressions of interest from organizations with less than 250 employees in July and 85 proposals were received by the October 31 deadline. The 85 proposals represent a total funding request of about $35 million, and the projects have a combined value of more than $205 million.

 

The focus of this Expression of Interest is on SME product and market challenges that if resolved, could lead to significant greenhouse gas reductions. The maximum the CCEMC will contribute to projects responding is 50 per cent of eligible project costs, to a maximum of $500,000.

 

“The CCEMC knows that small and medium-sized organizations are strong innovators and we were pleased to see so many promising submissions,” said CCEMC Chair Eric Newell. “The fact that there are so many emission reduction projects in this sector demonstrates that the innovation community is focused on addressing Alberta’s greenhouse gas challenges.”

 

The submissions include proof-of-concept, research and development and small pilot scale initiatives.

 

The organizations that have been shortlisted are diverse and include cost-effective NetZero Ready home design, a pilot to capture carbon from ambient air and an online application to help people track and record activities to reduce environmental impacts and access energy rebates.

 

Recipients will be announced in late May.

 

To date the CCEMC has announced support for 27 projects to reduce greenhouse gas emissions, with a total combined project value of more than $630 million.

 

Since 2007, Alberta companies that annually produce more than 100,000 tonnes of greenhouse gas emissions are legally required to reduce their greenhouse gas intensity by 12 per cent. One compliance option is to pay into the Climate Change and Emissions Management Fund at $15/tonne.

 

The CCEMC is a not-for-profit organization whose mandate is to establish or participate in funding for initiatives that reduce greenhouse gas emissions and support adaptation. The CCEMC invests in discovery, development, and operational deployment of clean technologies

 

 

For more information or to arrange an interview contact:

Celia Sollows

Climate Change and Emissions Management Corporation

(780) 239-4150

ccemc.ca

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Dec 17, 2011

DEEP Earth Energy Production Corp - Shareholder Update

 

December 16, 2011 

 

DEEP Earth Energy Production Corp. – Shareholder Update 

SASKATOON, SASKATCHEWAN – DEEP EARTH ENERGY PRODUCTION CORP. (“DEEP”, or the “Company”) is pleased to announce a non-brokered private placement - of up to $5,000,000. 

The offering consists of up to CND$750,000 in flow-through shares and up to a maximum of CND$4,250,000 in non-flow-through units. 

 

The pricing of the offering is CND$0.25 per flow-through share and CND$0.25 per non-flow-through unit. Units are comprised of one (1) non-flow-through common share and one (1) warrant to purchase one-half of one non-flow-through common. Two (2) warrants are required to purchase one (1) whole non-flow-through common share upon payment to the Corporation of the exercise price of CDN$0.35 per share for 18 months from date of issuance. 

 

The Corporation plans to use the net proceeds of the Offering to complete an initial exploration test well, one development well on the Rafferty Project, reservoir engineering, possible reservoir enhancement and for general working capital purposes. 

 

The flow-through Offering is expected to close on December 30th, 2011. The non-flow through is expected to close January 31st, 2012.

 

DEEP is now aligning itself to complete Phase 1 in the development of the Rafferty Geothermal Power Project, located northwest of Estevan Saskatchewan. Deep aims to be the first geothermal power producer in the province and was recently selected in SaskPower's 2011 Green Options Partners Program Lottery, securing an initial 5 MW power purchase agreement. Deep’s target resource is a 3000 metre deep (Deadwood and Winnipeg Formations), hot aquifer – a 150 metre thick zone that has been drilled and temperature tested from oil and gas exploration in Southeast Saskatchewan. 

 

For more information or to obtain a subscription agreement, please contact: 

 

Kirsten Y. Marcia, President & CEO 

(306) 261-6979 

.(JavaScript must be enabled to view this email address) 

http://www.deepcorp.ca 

or 

Al Zack, CFO 

(306) 651-5192 

.(JavaScript must be enabled to view this email address) 

http://www.deepcorp.ca 

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Oct 21, 2011

DEEP Earth Energy Production appoints Alison Thompson to its Board of Directors

 

DEEP Earth Energy Production Corp. is pleased to announce the appointment of Alison Thompson as a new director. With over 15 years of experience in project
management, business and technology development in the international energy sector, Ms. Thompson brings an impressive record of accomplishments in the evaluation of new technologies against the triple bottom-line criteria of economic, social and environmental benefits. She was instrumental in pioneering early-stage research on the potential to leverage high temperature geothermal resources in the Oil Sands to produce electricity, steam and heat while with a Suncor Energy led industry consortium. Additionally, she spearheaded joint government and industry research on low temperature geothermal resources for Oil Sands in collaboration with Nexen, Shell and the Alberta Energy Research Institute. She is the inaugural recipient of the Belle Mulligan Award for Leadership from the Canadian Investor Relations Institute as a result of her work with Magma Energy and the Canadian Geothermal Energy Association (CanGEA).

Ms. Thompson holds Bachelor and Master of Chemical Engineering degrees from McGill University, a Professional Engineering designation from APEGGA, a U.S. Engineer Intern designation, as well as a Master of Business Administration degree from Queen’s University. Ms. Thompson’s energy experience is diverse. She is currently the Chair and a Founder of CanGEA, an Officer of Alterra Power (formerly Magma Energy), which has one of the world’s largest geothermal portfolios, and is the Chair of Borealis GeoPower. She is an external evaluator for the BC Innovation Council, as well as for the Canada Foundation for Innovation. Ms. Thompson has served on the Board of Directors and was a member of the Finance and Audit Committee of Petroleum Technology Alliance Canada. Internationally, she has a seat on the Executive Committee of the International Energy Agency’s Geothermal Implementing Agreement and is the Geothermal Energy Forum Chair at the 20th World Petroleum Congress. She has served on the European Union’s Enhanced Geothermal Innovative Network for Europe’s Stakeholders Committee.

President and CEO Kirsten Marcia commented, "I am pleased to welcome Alison to DEEP; she brings a wealth of energy experience to our team with an outstanding international reputation in the geothermal sector. Her project management, technical abilities and professional history strengthens our board of directors as we develop Saskatchewan’s first geothermal power project.”

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Sep 22, 2011

DEEP Earth Energy Production Secures Geothermal Rights Through Landsolutions

DEEP EARTH ENERGY PRODUCTION SECURES GEOTHERMAL RIGHTS THROUGH LANDSOLUTIONS

In a release “LandSolutions LP announces that it continues to expand its land services through a recent project associated with DEEP Earth Energy Production Corp. as it relates to geothermal energy production.

LandSolutions will be providing land expertise for a new geothermal project that DEEP plans to develop in southeast Saskatchewan over the next two to three years.

“The power generation potential is enormous and we are happy to be the company of choice providing our services to a leading-edge company such as DEEP,” Ron Vermeulen, president of LandSolutions, said in a release. This is the first project of its kind in Saskatchewan and one of only a few projects being developed in Canada of this size.

DEEP has entered into a memorandum of understanding with an intermediate oil and gas producer for exclusive rights to explore deep (i.e. Winnipeg and Deadwood formations) non oil-bearing hot brine aquifers in southeast Saskatchewan for potential geothermal resource development.”

Source: Company release by email

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Sep 20, 2011

Ram Power Corp Announces San Jacinto Project Update

 

RENO, NV--(Marketwire - September 15, 2011) - Ram Power, Corp. (TSX: RPG) ("Ram Power" or the "Company"), a renewable energy company focused on the development, production and sale of electricity from geothermal energy, announced today the following San Jacinto Project and corporate finance updates.

SAN JACINTO PROJECT

Receipt of Funds under the Phase I and Phase II Credit Facilities

On August 10, 2011, the Company's subsidiaries, Polaris Energy Nicaragua, S.A. ("PENSA") and San Jacinto Power International Corporation, executed amendments to the Phase I and Phase II credit facilities, bringing the Company into compliance with the loan covenants in those facilities.

Given the successful production and injection drilling results as announced in August of 2011, the Company has satisfied the resource requirements and has full access to the $160 million available under the Phase II credit facility. The Company satisfied the conditions precedent to borrow under the Phase II credit facility, and received its initial draw on August 26, 2011 of $104 million with approximately $35 million (net of $3 million deposited into the Phase II major maintenance reserve account), being distributed to the Company and the remainder used to fund future project costs for the next four months and required contingency reserves.

Following the amendment to the Phase I credit facility, the Company now has access to the remaining $9 million available under the senior loan facility to fund a portion of the remaining budgeted costs of the Phase I expansion and an additional $8 million under the subordinated loan facility to fund contingencies for Phase I and Phase II. The amended facility now totals $85 million. In connection with the amendment, the Company funded an additional $9.3 million in equity for Phase I, which together with the remaining $9 million of the Phase I senior loan facility, is expected to be sufficient to complete Phase I. The remaining $17 million under the Phase I credit facility was disbursed to the Company on September 9, 2011.

Full Notice to Proceed to TIC International, Inc. for Phase II Expansion at San Jacinto-Tizate

Effective August 29, 2011, PENSA gave a full notice to proceed to TIC International, Inc. to begin work under the Procurement and Construction Contract for Phase II. The contract provides for the completion of the Phase II 36 MW expansion in December 2012, bringing the total output for the Phase I and Phase II expansions at the San Jacinto Project to 72 MW.

SJ 9-3 Acidization and Flow Test

A review of well drilling and testing results undertaken by Sinclair Knight Merz ("SKM") in February 2011 of well SJ 9-3 at the Company's San Jacinto Project indicated that the production potential of the well was likely restricted by reservoir formation damage during drilling. This finding led to the development of an acid stimulation program to improve the production of the well by removing some of the formation damage. Prior to commencing the acid stimulation program, GeothermEx Inc. ("GeothermEx"), the resource consultant for the lenders under the Phase II credit facility, certified that the well had an output potential of 41 t/h which equates to a power generation capacity of 5.3 MW (gross) at a design separation pressure of 5.11 barg.

The acid injection program was successfully completed on July 31, 2011 by Schlumberger under the direction of SKM geothermal specialists. Subsequent re-testing of the well confirms that the acid stimulation has successfully improved steam production, with a steam flow rate of 57 t/h which represents a 39% improvement in well production and equates to a power generation capacity of about 7.4 MW (gross) at a design separation pressure of 5.11 barg.

In addition to the estimated 2.1 MW increase in power potential, the acid treatment has significantly increased the well head pressure to more than 10 barg. The increased well head pressure provides a much greater operational margin when future reservoir pressure declines occur in response to field production. As of September 9, 2011, the well is undergoing a long-term flow test to enable re-certification of production capacity pursuant to GeothermEx's testing protocols.

Completion of Drilling of SJ 12-3

Well SJ 12-3 at the San Jacinto Project was completed on August 23, 2011 to a target depth of 7,841 ft. The Company conducted a short injectivity test which indicated deep permeability with an injectivity index of 16 tonnes/bar/hour. Currently, well SJ 12-3 is undergoing an extended heat up period, after which a long-term flow test will be performed in late September or early October 2011.

CORPORATE FINANCE

Restructuring of Bridge Facility

The Company has successfully negotiated amendments to the $50 million, term loan credit facility (the "Credit Facility") with Sprott Resource Lending Partnership, Exploration Capital Partners 2008 Limited Partnership and Newberry International Holdings Ltd. (collectively, the "Lenders"). The successful negotiations extend the maturity date of the Credit Facility, waive the non-compliance related to the delivery of post-closing collateral items by deadlines specified in the original agreement, and waive the non-compliance of Ram Power of its repayment obligation to the extent that equity distributions are made available to the Company from the proceeds of the San Jacinto phase II credit facility.

As a result of the negotiated amendments, the Lenders agreed to an extension of the maturity date from February 28, 2012 to September 30, 2013 for an upfront fee of 2.0 % of the outstanding loan amount of $50 million. The Lenders also agreed to waive immediate repayment of $35 million from the equity distributions made to the Company from the proceeds of the initial disbursement from the San Jacinto Phase II credit facility for an additional upfront fee of 2.25% of the outstanding loan amount and cancel 18,031,251 common share purchase warrants associated with the Credit Facility. The Company will pay the Lenders an additional fee of 1% of the amount outstanding under the Credit Facility every six months, (with the first payment due March 2012) if security over the Company's San Jacinto project near Leon, Nicaragua (the "San Jacinto Project") is not granted to the Lenders.

The Company is awaiting TSX approval of the proposed amendments and expects to execute the final documentation by September 30, 2011.

"The recently completed milestones are testament to the hard work and success the Company has had in the recent months," said Walter M. Higgins, Interim President and CEO. "The re-negotiated bridge loan facility will allow the Company flexibility to use available funds in the development of future projects, and the additional capital available under the Phase I facility as well as the initial draw under the Phase II facility re-affirms the desire of our lending partners to complete both phases of the expansion at San Jacinto. In addition, the continued success of our drilling program means added savings in future drilling costs to the Company resulting in increased shareholder value."

Antony Mitchell, Executive Chairman for Ram Power stated, "We would like to thank our bridge facility lenders Sprott Resource Lending Partnership, Exploration Capital Partners 2008 Limited Partnership and Newberry International Holdings Ltd. for their continued support of the Company during this time. The significant changes instituted by the Company over the last two quarters have had positive, tangible results which will ensure the long term success at San Jacinto and the continued development of our pipeline of projects."

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Sep 20, 2011

Nevada Geothermal Power Releases Independent Resource Review On Blue Mountain

 

Nevada Geothermal Power Inc. has announced that it has completed a comprehensive independent review of all resource information for the Blue Mountain project in order to gain a better understanding of the geothermal fluid flow system and ultimately to increase production from the Faulkner 1 geothermal power plant.

The study concludes that:

Deep western injection wells 55-15, 57-15, 58-15 and 61-22 inject cooled geothermal fluid from the power plant into the hottest known part of the geothermal field. Geochemistry of reservoir fluids predict that still hotter thermal water is present in this portion of the geothermal system. Current injection of cooled water under pressure may be impeding hotter water from deeper in the fault structure from flowing up and eastward to the section 14 production wells.

Shifting current injection from wells 55-15, 57-15, 58-15 and 61-22 to new well field areas along fault structures to the north and northeast would mitigate current well communication issues and allow for potential increased production from the power plant. Shifting injection may be achieved through stimulation of existing wells and by drilling new wells on identified structures.

Geothermal reservoir host rocks are extensively altered and faulted. New injection targets are indentified on structures trending north and northeast.

New production targets are identified on the deep structures to the west.

The study makes recommendations for increasing injectivity at existing shut-in wells to help stabilize the production temperatures and further drilling to potentially increase production from current levels.

The study was conducted under contract by Engeocon LLC. Stuart Johnson, principal of Engeocon, subsequently has joined NGP’s permanent staff to help implement the Blue Mountain and other NGP resource development programs. Mr. Johnson is a recognized authority on geothermal resource development, having successfully reversed start up reservoir production declines by redistributing injection fluids at the Dixie Valley and Stillwater geothermal fields in Nevada. He directed field development work at Steamboat Hills, Nevada that enabled expansion of production capacity from approximately 35 MW when the property was acquired by Ormat to approximately 90 MW today.”

Source: Company release via Yahoo

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Sep 20, 2011

US Geothermal Announces Changes To Its Board Of Directors And Management Team

 

In a release, “U.S. Geothermal Inc., announced changes to its board of directors and management team, effective mid September, 2011.

Mr. Dennis Gilles has been appointed to U.S. Geothermal Inc.’s board of directors. Mr. Gilles has 25 years in the power generation business with experience ranging from power plant construction and operations to senior level management. Mr. Gilles spent 23 years with Calpine Corporation at the Geysers geothermal field where he was instrumental in consolidating the majority of the Geysers operations into a single entity. Mr. Gilles was part of the expansion and growth of Calpine Corporation from the very first megawatt to what is now the largest independent power producer in the country. He completed his career with Calpine as the Senior Vice President of Renewable Growth and is now consulting for the energy sector worldwide. Mr. Gilles is a registered professional engineer in California and earned an MBA and a Bachelor of Science degree in Mechanical Engineering.

In response to our increased construction and growth activities and as part of our succession planning, Mr. Doug Glaspey has been promoted to President and will remain as Chief Operating Officer. Mr. Daniel Kunz will continue as Chief Executive Officer. Mr. Jonathan Zurkoff has been named Treasurer and Executive Vice President. Mr. Zurkoff has extensive experience in arranging debt and equity and led the project finance efforts at Neal Hot Springs and San Emidio.

Mr. Kunz said, “On behalf of the board, we are pleased that Dennis has joined us to provide additional geothermal development experience as we expand our growth projects. I am also happy to announce the promotion of Doug and Jonathan. These highly experienced renewable energy executives will continue to add significant value to our senior executive team.”

Source: Company release by email

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Sep 20, 2011

Alterra Power Announces Receipt of Permit to Expand Reykjanes Plant

 

VANCOUVER, Sept. 15, 2011 /CNW/ - Alterra Power Corp. (TSX: AXY) ("Alterra") is pleased to announce that an operating permit has been received for its planned 80 MW expansion of the Reykjanes geothermal power plant in Iceland. The permit formally allows Alterra to install and place into service a new, currently-owned 50 MW turbine, as well as a 30 MW low pressure turbine that will be powered from existing steam production.

Separately, Alterra is continuing its effort to finalize power purchase arrangements with aluminum smelter Norðurál Helguvík sf. (a subsidiary of Century Aluminum Co., "Norðurál") and other industrial power purchasers. Results from a pending arbitration related to a prior power purchase agreement with Norðurál are expected this fall.

Júlíus Jónsson, CEO of Alterra's Icelandic subsidiary, HS Orka hf ("HS Orka"), said, "I am pleased that we have now been granted regulatory approval to move forward with this major expansion in a uniquely rich resource area. Full attention is now focused on finalizing our power purchase and financing arrangements, which we intend to achieve in the next few months."

About HS Orka

HS Orka is the largest privately owned energy company in Iceland, producing 9% of the country's power needs and 10% of the country's heating needs. Installed geothermal power capacity is 175 MW from the Svartsengi and Reykjanes power plants. In addition, HS Orka generates 150 MW of thermal energy for district heating. Expansions are planned that could increase HS Orka's geothermal power production to 405 MW by 2016. HS Orka is 75% owned by Alterra, and 25% by Jarðvarmi slhf, a company owned by a group of 14 Icelandic pension funds.

About Alterra Power Corp.

Alterra Power Corp is a leading global renewable energy company, formed in 2011 through the merger of Magma Energy Corp and Plutonic Power Corp. We operate six power plants totaling 571 MW of capacity, including two geothermal facilities in Iceland, a geothermal plant in Nevada, British Columbia's largest run of river hydro facilities and the province's largest wind farm. Our 315 MW share of production generates 1,518 GWh of clean power annually. We have an extensive portfolio of exploration and development projects, a skilled international team of explorers, builders and operators as well as the strong financial capacity to support our aggressive growth plans.

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Sep 01, 2011

CanGEA To Open The TSX As Part Of It’s 4th Annual Conference And Investment Forum

Press Release - Calgary, August 31, 2011

The Canadian Geothermal Energy Association to open the Toronto Stock Exchange as part of CanGEA’s 4^th Annual Conference and Investment Forum, in Toronto/ Ontario, September 14-15, 2011

With now less than two weeks to go until representatives from the Canadian and international geothermal energy industry are meeting in Toronto for CanGEA’s 4^th Annual Conference and Investment Forum, CanGEA is now releasing the final agenda for the conference.

On the first day of the conference, representatives from the Association and industry participants will be opening the Toronto Stock Exchange.

“While the geothermal power players listed on the Toronto Stock Exchange have seen a difficult start into the year, recent project updates on the progress of development to bring clean geothermal power to the market are promising signs of a positive outlook for the industry”, so Alexander Richter, Director at CanGEA. 

On the first day of the conference development, marketing & media, drilling and direct use of geothermal energy are key topics. Canadian and international developers will speak about geothermal development in Canada, the U.S., South America and Asia. For the first time at a geothermal energy event, marketing aspects of promoting geothermal energy and geothermal energy activities will be discussed to evaluate what the industry can do better to promote geothermal energy and its potential. Two other sessions will then look at geothermal drilling and the direct use potential for geothermal are

A recent report by the Geological Survey of Canada and a team of leading scientists in the field of geothermal energy highlights the “enormous geothermal energy resources that could supply Canada with a renewable and clean source of power”. So we are proud to have the Geological Survey of Canada represented speaking about the report and the potential for geothermal in Canada on day two. Other topics are then geothermal research activities and education in Canada, geothermal policy and power systems options for geothermal projects.

The second half of day two will then be our annual Investment Forum with presentations on the Canadian Geothermal Reporting Code, geothermal exploration risk insurance and geothermal financing.

For the conference, we have been able to attract high-level speakers from Canada, the United States, Iceland, Switzerland, Indonesia and Argentina to present their companies and activities.

The full agenda of the conference and registration via www.cangeaevents.ca/toronto   

 

Among the high-level conference speakers are executives of the following companies: Alterra Power Corp., Jacob Securities, Star Energy, Estrella International Energy Services, Toronto Star, Glacier Securities, Pratt & Whitney, MunichRE, Borealis GeoPower, CanGEA, Ormat Technologies, Íslandsbanki, Axpo AG, DEEP Earth Energy Production, Technip, Ram Power, TAS Energy and U.S. Geothermal.

The conference provides a great networking opportunity and also a good insight in the current situation of geothermal development in Canada and internationally.

We thank our sponsors Scientific Drilling, Estrella International Energy Services, Yukon Energy, and DEEP Earth Energy Production, who help us hold the conference.

We also thank our media partners: CNW group, ThinkGeoEnergy.com, Bloomberg New Energy Finance, Energyknows, North American Clean Energy, altenergymag.com and LowCarbonEconomy.com

 

Geothermal Energy in Canada

With the expected resource potential of Canada – as confirmed by the Geological Survey of Canada - electricity generated by geothermal energy could replace approximately 10 nuclear power plants and provide up to 10% of Canada’s current total electricity generation. It could provide more than 9,000 permanent jobs and approximately 30,000 temporary jobs in manufacturing and construction.

The industry represents a $25 billion market opportunity for companies willing to participate in the growth of the industry, despite current development being scarce and small scale.

Canadian developers, technology and service firms are active globally and represent a strong share of development activities in the U.S., but also in South America, Europe, Australasia and elsewhere.

 

Upcoming CanGEA events

·       CanGEA’s 4th Annual Conference and Investment Forum in Toronto, Ontario, September 14-15, 2011. Details about the event can be found at: www.cangeaevents.ca/toronto

·       CanGEA’s Annual Geothermal Power Forum in Calgary, November 4, 2011. Details at: www.cangeaevents.ca/calgary

  

For more information contact: 
Alexander Richter, CanGEA Director, 
.(JavaScript must be enabled to view this email address)
Phone: (011) 354 618 5304

Website: www.cangea.ca

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Aug 31, 2011

DEEP Earth Energy Production Corp. Signs MOU For Further Development In Saskatchewan

August 31, 2011 -SASKATOON, SASKATCHEWAN – DEEP EARTH ENERGY PRODUCTION CORP. Memorandum of Understanding with PetroBakken Energy Ltd.

DEEP is pleased to announce it has entered into a memorandum of understanding (“MOU”) with PetroBakken Energy Ltd. (“PetroBakken”) for exclusive rights to explore deep (i.e. Winnipeg and Deadwood Formations) non oil-bearing hot brine aquifers in southeast Saskatchewan for potential geothermal resource development. PetroBakken is one of the largest Petroleum and Natural Gas lease holders in the area and furthermore controls certain land for which DEEP has identified potential geothermal prospects (i.e. drill holes with bottom-hole temperature data that suggest the presence of hot (100 degree C) brine). One potential location available to DEEP for geothermal development is adjacent to a well with a bottom-hole temperature measured at 127 degrees Celsius from drillstem test data.

DEEP plans to work with PetroBakken to determine optimum locations for drilling successful geothermal wells, utilizing PetroBakken’s proprietary drill hole data, seismic and geological expertise in the area.

The MOU provides that any geothermal exploratory drill hole data for wells drilled on PetroBakken’s land by DEEP will be available to PetroBakken for its use in developing oil prospects, such data to include cores, wireline logs, drillstem tests or swab testing. Specific tests for oil and gas evaluation will be paid for by PetroBakken at their full cost. The geothermal wells drilled by DEEP will be owned by DEEP for conversion to geothermal power production. The location and drilling of wells is subject to the entering into of further definitive agreements between DEEP and PetroBakken.

In addition to DEEP’s original 9 sections of land, obtained through the Government of Saskatchewan’s Lease of Space Agreement, the MOU with PetroBakken gives DEEP the potential to access a very substantial land position and further geothermal prospects in southeast Saskatchewan.

 

For more information, please contact:

Kirsten Marcia, President & CEO

(306) 261-6979

.(JavaScript must be enabled to view this email address)

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Aug 24, 2011

Neal Hot Springs 25 MW Project Expected To Come Online In Late 2012

In a public briefing, U.S. Geothermal gave an update on the development of its Neal Hot Springs project in Idaho.

“A public-private collaboration, Idaho’s US Geothermal Inc., equity investor Enbridge Inc. and the US Dept. of Energy joined together to complete financing of the $130-million Neal Hot Springs project, which is expected to come online in late 2012 with a capacity of 25 megawatts (MW).

Located near the eastern Oregon town of Vale, Neal Hot Springs’ geothermal resource resides at a depth of some 2,800 feet below the earth’s surface where a reservoir of hydrothermal fluid ranges in temperature from 311-356 degrees Fahrenheit.

A $96.8 million low-interest loan guarantee through the US Dept. of Energy’s Loan Programs Office paved the way for the project to move forward. The loan guarantee falls under the Dept. of Energy’s Title XVII program, which was created with the passage of the Energy Policy Act of 2005. The Federal Financing Bank will fund the loan, which makes up 3/4 of the project’s financing. Enbridge Inc.’s equity investment provides the remaining financing and equity base.

Project partners were joined by Oregon Senators Ron Wyden and Jeff Merkley, and Idaho Senator Mike Crapo in Boise, Idaho August 19 as they gave a public briefing on the project.

Wyden praised the federal government’s pivotal role in the zero-emissions, renewable energy project, which will tie-in to the Pacific Northwest power grid, while Dept. of Energy Loan Programs Office executive director Jonathan Silver officials and private sector partners highlighted the innovative technology that will be used, as well as the green jobs and work that will be generated in the US.

US Geothermal expects that some 95% of power plant’s infrastructure and parts will be supplied by US-based manufacturers. Houston’s TAS Energy, Inc. is providing high-efficiency modular energy systems for the geothermal plant. Approximately 150 construction jobs and over a dozen permanent jobs are expected to be created during the project’s 18-month construction phase.

US Geothermal’s largest geothermal power plant project to date, management intends to continue efforts to better define the full extent and size of Neal Hot Spring’s geothermal resource base with an eye towards determining if power generation could be expanded.

“Developing our nation’s energy resources is a critical step to put Americans back to work and allow our nation to become more energy independent,” Idaho Senator Mike Crapo said.
“I have worked with my Senate colleagues to sponsor three bills that promote and expand the use of geothermal energy and I am proud that an Idaho-based company, U.S. Geothermal, and resources from Northwest states, including Idaho, are leading the way in the advancement of geothermal energy in the U.S.”

Executive director of the Renewable Northwest Project Rachel Shimshak linked the Neal Hot Springs project to the region’s pioneering role in developing large-scale hydropower resources generations ago. “The Northwest region has a long history of tapping our abundance of renewable energy resources, and the Neal Hot Springs project is an exciting new example of vision and smart clean energy investment,” Shimshak said.

“We applaud U.S. Geothermal for this significant milestone, marking a major step in our region’s forward push toward a clean energy future. Our communities, environment and local economies will equally benefit.”

Source: Clean Technica

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Aug 24, 2011

Canadian Scientists And Academics Found Canadian Geothermal Research Council (CanGRC)

On August 9, 2011, the Canadian Geothermal Research Council was officially launched by a group of enthusiastic geothermal scientists and students from Canada.

The official release by CanGRC: “Geothermal technologies are clean and reliable energy sources that take advantage of the thermal properties of the Earth’s subsurface for
direct use heating and cooling applications and electricity generation.

Canada has already begun to utilize these technologies for heating and cooling purposes; however, it remains one of the only countries on the Pacific Rim to not produce electricity from geothermal resources. Studies released by the Geological Survey of Canada show these untapped subterranean resources to be vast, and new reservoir technologies may make geothermal electricity generation feasible nation-wide. Needless to say, geothermal research in Canada is a pertinent and stimulating field of
study.

The Canadian Geothermal Research Council (CanGRC) is a voluntarily-run organization dedicated to serving Canada’s geothermal research community. It does not exist as a government lobby group, nor is it intended to represent a unified voice of the research community. Rather, CanGRC exists to raise awareness about geothermal research in Canada, to showcase Canadian geothermal research and to elevate communication within the research community.

CanGRC is a recent initiative by 3 graduate students from across the country – Ryan Libbey (McGill University), Yuliana Proenza (University of British Columbia) and Lena Patsa (University of British Columbia).

CanGRC operations are guided by an esteemed Board of Directors, which includes geothermal scientists from academic, government and industry positions. Currently serving on this Board is Dr. Grant Ferguson (St. Francis Xavier University), Dr. Catherine Hickson (Alterra Power Corp.), Mr. Craig Dunn (Borealis Geopower) and Dr. Steve Grasby (Geological Survey of Canada/Natural Resources Canada/University of Calgary).”

“The Canadian Geothermal Energy Association, the collective voice of the Canadian geothermal energy industry, supports the efforts of CanGRC and congratulates the Canadian geothermal research community to the foundation of this geothermal research focused sister organization. We are glad to join forces in promoting geothermal energy research and development in Canada and gladly signed a Memorandum of Understanding highlighting the close relationship with CanGRC. We are looking forward working in close collaboration to bring geothermal power development to Canada”, said Alexander Richter, Director of the Canadian Geothermal Energy Association (CanGEA).

In an effort to connect and inform Canada’s geothermal research community, CanGRC utilizes several media outlets:

1. A bi-annual newsletter, the CanGRC Review, which accepts contributions from professional and student sources related to Canadian geothermal research (www.cangrc.ca/publications.html).
2. An interactive website (www.cangrc.ca) that includes news updates, an online forum, internship/job postings, useful resources for geothermal research and more.
3. Social media platforms such as LinkedIn and Twitter.

Membership to CanGRC is completely free and includes a subscription to the bi-annual newsletter. CanGRC encourages everyone interested in geothermal research to join – simply follow this link (www.cangrc.ca/members.html) and fill out the form. Feedback via .(JavaScript must be enabled to view this email address).

Be sure to visit our booth at the Canadian Geothermal Energy Association’s 4th Annual Conference and Investment Forum in Toronto
(Sept 14-15, 2011, www.cangeaevents.ca/toronto/). Hope to see you there.

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Aug 24, 2011

DEEP Earth Energy Production Corp. Announces Private Placement

Canadian developer DEEP Earth Energy Production Corp. announces a non-brokered private placement – of up to C$1,500,000 (US$1.52 million)

In the release the company reports: “The offering consists of up to 7,500,000 common Class “A” voting shares in the capital of the Corporation (each a “Common Share”) priced at $0.20 per share, for total proceeds of up to $1,500,000.

The Corporation plans to use the net proceeds of the Offering to engage a consulting firm for geothermal project management, for land acquisitions and additional exploration, and for general working capital purposes.

The Offering is expected to close on or around September 22, 2011.

Recent major milestones have enabled DEEP to move ahead with project planning and its goal of power production by 2013. The completion of a Lease of Space agreement with the Saskatchewan Ministry of Energy and Resources has provided an initial exclusive location for geothermal power development. The Company was also successful in being accepted into SaskPower’s Green Options Partners Program.

Additional information and presentation of the company’s recent Annual General Meeting see: www.deepcorp.ca

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Aug 23, 2011

Geothermal Power Picks Up Steam

Source: TheOTCInvestor.com On Thursday August 18, 2011

Ormat Technologies Inc. (NYSE: ORA), the largest producer of geothermal power in the world, reported higher revenues and a record $225 million backlog during the second quarter. These promising developments have also boosted hopes for Nevada Geothermal Power Inc. (OTCBB:NGLPF, TSX-V:NGP), Alterra Power Corp (CVE: AXY), U.S. Geothermal Inc. (AMEX: HTM) and Ram Power Corp (TSE: RPG).

Key Highlights

Picking Up Steam - The geothermal power industry appears to be picking up steam after industry leader Ormat Technologies Inc. (NYSE: ORA) reported a record backlog and its largest ever order from New Zealand worth more than $130 million.

Significantly Undervalued - The geothermal industry appears significantly undervalued due to a basic lack of investor understanding. For instance, companies like Nevada Geothermal Power Inc. (OTCBB: NGLPF, TSX-V:NGP) are trading with a valuation of less than $6/W installed.

Now's the Time to Buy - Given these two factors, investors may want to consider taking a stake in the geothermal power industry. Those looking for an industry leader may want to check out ORA, while those looking for a value play may want to see NGLPF.

Strong Interest Seen in Geothermal Worldwide

Last quarter, Ormat Technologies Inc. (NYSE: ORA) received the largest order in its 46-year history from New Zealand. The $130 million contract highlights the fact that geothermal energy is rapidly replacing other forms of conventional and even renewable energies. Similar evidence can be seen in a recent $410 million loan to build a 340-megawatt geothermal plant in Sumatra, Indonesia.

Geothermal energy is considered one of the most cost effective sources of power on the planet, with more than half of the total costs being for initial drilling. The typical breakeven point for a geothermal power plant in 2007 was approximately $0.054 per kWh, while the average cost of U.S. residential electricity was $0.12 per Kwh in 2009, leaving a healthy long-term profit margin.

Lack of Understanding Yields Cheap Valuations

Despite the growth and effectiveness of geothermal power, there are only five companies operating in the space that are publicly traded either in the United States or Canada, including Ormat Technologies Inc. (NYSE: ORA), Nevada Geothermal Power Inc. (OTCBB: NGLPF, TSX-V:NGP), Alterra Power Corp (CVE: AXY), U.S. Geothermal Inc. (AMEX: HTM) and Ram Power Corp (TSE: RPG).

Many of these stocks are significantly undervalued due to a lack of investor understanding, trading with almost no value given to their underground assets. Meanwhile, companies like Nevada Geothermal Power Inc. (OTCBB: NGLPF, TSX-V:NGP) are trading with a valuation of just $6/W installed, which is significantly less than the valuations seen in the solar and wind industry.

A Great Time to Invest in Tomorrow's Energy Industry

With heightened interest in geothermal power and low valuations, investors may want to consider taking a stake in the industry. Those looking for a safe industry leader may want to check out Ormat Technologies Inc. (NYSE: ORA), while those looking for a deep value play that carries a little more risk may want to see Nevada Geothermal Power Inc. (OTCBB: NGLPF, TSX-V:NGP).

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Aug 15, 2011

Last Day Of Early Bird Registration For CanGEA’s Annual Conference, Toronto, Sept 14-15

Last Day Of Early Bird Registration For CanGEA's Annual Conference, Toronto, Sept 14-15

www.cangeaevents.ca

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Aug 05, 2011

Deep Earth Energy Production Corp.Receives Its First Exclusive Area For Geothermal Power Development

In a release by the company yesterday, Canadian DEEP EARTH ENERGY PRODUCTION CORP. announces,  ”that it has received its first exclusive area for geothermal power development from the Saskatchewan Ministry of Energy and Resources.”

“This is great news as yet another geothermal company in Canada moves on the development of geothermal power projects, and we congratulate our member company Deep Earth Energy Production Corp. on this milestone step for the company.”, says Alexander Richter, Director of the Canadian Geothermal Energy Association.

This follows great news from the Geological Survey of Canada’s recently release report on the “enourmous geothermal potential of Canada” and the record geothermal permit sale in the province of British Columbia in July of this year. To hear more about development in Canada from two of the companies developing projects in the country by Tim Thompson of Borealis GeoPower and Kirsten Marcia of Deep Earth Energy Production Corp.

The property is secured in a Lease of Space Agreement where The Minister has leased to DEEP all rights and interests in the spaces, which may be found to exist from the top of the Winnipeg Formation to the base of the Deadwood Formation. The project area is located in Southeast Saskatchewan, west of Estevan, and totals 5,920 acres (~9.5 sections). Total rental fees for this project area are less than $10,000/year.

The lease is a 15 year term, renewable for another 15 years if the geothermal project continues to produce electricity for commercial sale and is in compliance will all acts and regulations.

An initial estimate from an independent technical report prepared by Borealis Geopower suggests the potential for ~ 5MW of electrical generation at this site.

In addition to this initial site, DEEP is partnering with several Calgary-based oil and gas companies to gain exclusive rights to all non-oil bearing hot aquifers. Based on the size of the land that DEEP will have exclusive access to, it is estimated that 100s of MWs are potentially available for geothermal power development in this region.”

This follows great news from the Geological Survey of Canada’s recently release report on the “enourmous geothermal potential of Canada” and the record geothermal permit sale in the province of British Columbia in July of this year. To hear more about development in Canada from two of the companies developing projects in the country by Tim Thompson of Borealis GeoPower and Kirsten Marcia of Deep Earth Energy Production Corp. at CanGEA’s Annual Conference and Investment Forum in Toronto, September 14-15, 1022

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Aug 05, 2011

Ormat Technologies, Inc. Announces The inauguration Of The 42 MW Las Pailas Geothermal Power Plant

Ormat Technologies, Inc. (NYSE: ORA) announces that a second Ormat designed and manufactured geothermal power plant was inaugurated last week in Las Pailas, Costa Rica.

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Aug 05, 2011

Ormat Completes Its First Commercial Evaporative Cooling System In A Geothermal Power Plant

Ormat Technologies, Inc. (NYSE: ORA) announced today that it has completed the modification of the 20MW Burdette (Galena1) power plant into an Evaporative Cooling configuration.

This modification is another step in a multiyear research and development (R&D) program that tested different methods to implement evaporative cooling as well as the associated water treatment solutions.

Evaporative cooling allows increasing power generation from air cooled facilities by as much as 30% during the hot hours of the day.

The implementation of this system in the moderate to dry climates, especially in the High Desert, generates more energy per year than water cooled systems with a fraction of the water and chemical consumption of a traditional water cooled system.

From the consumer’s side the implementation of this system further increase the value of geothermal energy as it increases the available energy to the grid at “Summer Peak”, the hours of high demand, while maintaining it smooth and predictable dispatch curve which is not affected by temporary cloud coverage or changes to the wind regime.

Ormat currently operates approximately 180 MW in suitable climates and expects to add another 60MW in the near future. Ormat plans to implement the learning from the operation of the Burdette plant both in its existing fleet and in future installations.

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Aug 04, 2011

Green Rock And Pacific Hydro Sign Binding Agreement To Develop Conventional Geothermal Resources

Green Rock and Pacific Hydro sign binding agreement to develop conventional geothermal resources for power projects. The binding Memorandum of Understanding covers Green Rock’s North Perth Basin permits in the energy-hungry Mid West region of Western Australia and Pacific Hydro’s and Green Rock’s licences in the Great Artesian Basin in South Australia. Initial power projects of at least 25MW are contemplated in both the North Perth Basin and the Great Artesian Basin, leading to hundreds of MW of generation from each Basin over the coming decade. Green Rock and Pacific Hydro will jointly promote the opportunity to upstream investors to farm-in and substantially fund drilling to prove the resources.

For more details click here

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Aug 02, 2011

Stephan Jacob of Munich RE to Speak About Exploration Risk Insurance At CanGEA’s Annual Conference

Stephan A. Jacob is an underwriter at the German re-insurance giant Munich Re. He has over 4 years experience in developing tailored insurance solutions for geothermal projects covering the exploration risk for deep geothermal wells. Munich Re has developed the first exploration risk insurance policy worldwide and has just announced an exploration risk insurance issued for the Traunreut geothermal project in Upper Bavaria, Germany. The project is to provide 5 MW in electricity generation capacity and 12 MW of thermal heat. Stephan A. Jacob of Munich RE will present the company and its activities at CanGEA’s Annual Conference and Investment Forum in Toronto, September 14-15, 2011.

Stephan A. Jacob’s Profile

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Jul 28, 2011

Successful Geothermal Permit Sales in BC

In June 2011 the province of British Columbia announced a Crown Geothermal Resources Notice of Public Tender for three geothermal permits in the Upper Lillooet River area Northwest of Pemberton in the West of BC.

The Notice of the Public Tender was for a “Competition for the Right to Explore and Develop Crown Geothermal Resources” to be held July 26, 2011. The BC MInistry of Energy and Mines has now announced the successful sale of all three permits to Salal Geothermal Inc. and 2149749 Ontario Inc. 

 

	PERMITS	LEASES	TOTAL:
OFFERED (NUMBER)	3	0	3
OFFERED (HA)	8,056	0	8,056
PURCHASED (NUMBER)	3	0	3
PURCHASED (HA)	8,056	0	8,056
AVERAGE PRICE	$27.25	$.00	$27.25
FEES	$1,500.00	$.00	$1,500.00
RENT	$8,056.00	$.00	$8,056.00
TENDER BONUS	$219,552.10	$.00	$219,552.10
TOTAL	$229,108.10	$.00	$229,108.10

 

The official announcement from The Ministry of Energy and Mines can be found here

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Jul 28, 2011

NGP Strengthens Development Team And Updates Project Status


VANCOUVER, B.C. (July 27, 2011) – Nevada Geothermal Power Inc. (NGP) (TSX-V: NGP, OTC-BB: NGLPF) is pleased to announce that Stuart D. Johnson has been appointed Vice President, Resource Development effective August 1, 2011. Mr. Johnson joins Kim Niggemann, who becomes Vice President, Resource Operations and External Affairs and Max Walenciak, Senior Vice President, Project Development and Plant Operations with overall responsibility for projects in the U.S.  In addition, Paul Wilson, formerly CEO of Iceland America Energy, has joined NGP as Manager, Imperial Valley Area.  
 
Stuart Johnson is a nationally recognized expert in the design and application of exploration, geothermal reservoir development and production methods for geothermal power production.  Mr. Johnson has managed successful reservoir development programs for projects within the Western United States. He played important roles in the development of commercially-producing fields in Imperial Valley, California (Heber and East Mesa), Nevada (Steamboat Hills, Jersey Valley, Brady, Desert Peak, Dixie Valley, Soda Lake, Stillwater, and Beowawe), Hawaii (Puna) and Utah (Roosevelt Hot Springs).  Mr. Johnson holds an M.S. in Economic Geology from the University of Wisconsin, Madison and a B.A. in Geology from Western Michigan University. 
 
Paul Wilson has extensive financial and operational experience in the geothermal and construction industries having served as CEO, CFO and Executive Vice President - Operations at regional and national firms headquartered in Southern California.  Mr. Wilson brings experience in strategic and operational planning, project management, systems design and implementation, mergers and acquisitions, and financial control.  Mr. Wilson has a Bachelors degree in Business Management from Southwestern Adventist University and a Professional Certification in Total Quality Management from the University of California at Los Angeles (UCLA).
 
Project Updates
 
Confirmation drilling has commenced at NGP’s 100% owned North Valley Project near Fernley in Northern Nevada. The 3000 foot (915 meter) deep well is centrally located within a large, ten-square-mile, high-grade heat anomaly with temperature gradients between 10-25°F/100ft (200-450°C/km). A large, intense conductance anomaly, broadly coincident with the high temperature gradient zone, is interpreted to reflect a cap of clay alteration associated with a blind geothermal system at depth. This is the first NGP drill hole at North Valley. The well is designed to obtain key subsurface geological information, detailed temperature data, a water sample at depth and to improve our understanding of the geothermal system.

Link to North Valley Video: http://www.nevadageothermal.com/s/MediaVideo.asp
 
Drilling and other field work is continuing at Crump Geyser, Oregon by Crump Geothermal Company, LLC, a joint venture holding company owned 50:50 by NGP and Ormat.
 
Field assessment and permitting work has commenced for the New Truckhaven and East Brawley Projects in Imperial Valley with a view of starting resource development drilling in 2012.  NGP will open a local project office in the near future.   

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Jul 15, 2011

Nevada Geothermal Power Inc. Awarded Cash Grant

NevadaGeothermal Power Inc. Awarded US$7.9 Million Federal Grant for Additional Work Completed at Blue Mountain
 
VANCOUVER, B.C. (July 14, 2011) – Nevada Geothermal Power Inc. (NGP) (TSX-V: NGP, OTC-BB: NGLPF) is pleased to announce that the United States Department of the Treasury has informed NGP that the Company’s application in the amount of approximately US$7.9 million for Specified Energy Property in Lieu of Tax/Credits relating to additional drilling completed at Blue Mountain ‘Faulkner 1’ geothermal power plant subsequent to being placed in service has been approved under Section 1603, Division B of the American Recovery and Reinvestment Act of 2009.  Payment of the full amount is expected imminently.
 
Faulkner 1 was placed in service on October 9, 2009 and NGP has since completed new well field work that was not included in the original application.  The Company intends to use the funds to repay a portion of the debt owing to lenders.
 
About Nevada Geothermal Power Inc.: 
Nevada Geothermal Power Inc. operates the 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 leasehold interests in eight  properties:Blue Mountain, Pumpernickel Valley, Edna Mountain  and North Valleyin Nevada, New Truckhaven, East Brawleyand South Brawley, in California 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.

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Jul 14, 2011

Deep Earth Energy’s Geothermal Project Selected In SaskPower’s Green Options Partners Program

SASKATOON, SASKATCHEWAN – DEEP EARTH ENERGY PRODUCTION CORP. (“DEEP”, or the “Company”) is pleased to announce that its application for a 5.0 MW geothermal project located in Southeast Saskatchewan was selected in SaskPower’s Green Options Partners Program lottery.

This is a significant milestone as the Company can now accurately forecast its future revenue stream from power generation. This announcement is also very timely as it will assist in capital raising efforts for initial geothermal drilling, expected to commence this winter. As the Green Options Partners Program lottery selections occur each year, DEEP will be applying for increased power allocation in the future.

Further details about the Green Options Partners Program:

The SaskPower’s Green Options Partners Program lottery is held each year. It streamlines power purchasing for small and medium-sized “clean power” producers that sell between 100 kilowatts (kW) and 10 megawatts (MW) of electricity, by providing a fixed price for all power produced under the contract. Payment per Megawatt-hour (MWh) depends on the target commercial operation date and the actual commercial operation date. The energy tariff for 2012 is $98.02/MWh and increases at rate of 2% per year over the term of the contract.

SaskPower has posted the names of all 13 projects totaling 46 megawatts and project generalities of all of the selected applicants on their website (see below). Projects also include Wind, Flare gas, Landfill, Turbo Expander and Hydro. The program offers increased stability to clean power producers as the energy tariff rates are the same for peak and off-peak generation. Power rates are the same for all power production technologies and guaranteed even if the program is cancelled or altered.

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Jul 12, 2011

Ross Beaty Of Alterra Power Discusses Geothermal Energy On BNN

Ross Beaty of Alterra Power discusses geothermal energy on Business News Network Headline With Howard Green.

Watch the interview here.

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Jul 11, 2011

Investing in geothermal energy; Rick Rule & John McIlveen talk about the issues on BNN

Investing in geothermal energy; Rick Rule & John McIlveen talk about the issues on Business News Network Headline with Howard Green.

Watch the discussion here

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Jul 11, 2011

Geothermal Debate On Business News Network Headline

Tim Rand and Tom Adams debate geothermal on Business News Network Headline with Howard Green.

Watch the debate here

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Jul 06, 2011

Geothermal Energy: A No-Brainer For Canada

Peggy Holroyd of the Pembina Institute just wrote a great article on the status of geothermal energy development in Canada.

Check out the the article here

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Jul 04, 2011

The Growing Promise And Potential Of Geothermal Energy in B.C.

In an article by Helijet In Flight Magazine, CanGEA chair Ms. Alison Thompson and Craig Dunn of Borealis Geopower give their view on the growing promise and potential of geothermal power in British Columbia.

The full article can be read here

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Jun 27, 2011

Craig Dunn of Borealis Geopower Highlights Geothermal Potential

Craig Dunn, the chief geologist of Borealis GeoPower, was recently mentioned in an online article from Scientific American. The article, titled “Stop Drilling for Oil (and Coal), Start Drilling for Heat,” was published on June 20, 2011. It cites comments recently made by Craig at the Equinox Summit held at the University of Waterloo’s Perimeter Institute where he introduced his energy superhero: geothermal, in a plenary discussion on emerging green, electricity-producing technologies and the challenges they face.

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Jun 27, 2011

GSC releases Canadian Geothermal Potential Report

The Geological Survey of Canada and a team of leading scientists in the field of geothermal energy have released a report detailing the “Geothermal Energy Resource Potential in Canada”.

Some of their findings include:

• Canada has enormous geothermal energy resources that could supply the country with a renewable and clean source of power.
• Canada’s in-place geothermal power exceeds one million times Canada’s current electrical consumption.
• The high capacity factor of geothermal power makes it particularly attractive as a renewable resource.
• Remote northern communities could be the first to benefit from geothermal development in Canada.

The 322 page document can be accessed and downloaded from the GSC website

Special thanks to the authors:  Grasby, S E; Allen, D M; Chen, Z; Ferguson, G; Jessop, A; Kelman, M; Ko, M; Majorowicz, J; Moore, M; Raymond, J; Therrien, R. Geological Survey of Canada,

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Jun 23, 2011

Yellowknife Finds Geothermal Partner

Yellowknife's plans to warm downtown buildings with geothermal heat from an old gold mine are back on track, thanks to a new partnership with a British Columbia company.

Con Mine, which produced gold from 1938 to 2003, has been identified as a prime source of geothermal energy due to its central location and warm temperatures in its underground shafts. (CBC)

The City of Yellowknife has signed a memorandum of understanding with Vancouver-based Corix Utilities to help build an energy system that would tap into geothermal heat from Con Mine.

Corix is offering to finance the whole $60-million project, meaning taxpayers would not have to foot the bill, said Jack Touhey, the company's vice-president of public and government affairs.

"If Corix were to step in and provide the financing, it wouldn't involve or wouldn't be a requirement of the residents of Yellowknife," Touhey told CBC News on Tuesday.

Con Mine produced five million ounces of gold from 1938 until it closed in 2003.

Reports have found temperatures exceeding 30 C in the mine's underground shafts, along with its location near the city's downtown, would make it a prime source of geothermal energy.

The City of Yellowknife wants to develop a district energy system that would distribute geothermal heat from the Con Mine to offices, apartments, schools and other buildings downtown.

 

Residents voted against financing

The city initially wanted to take the lead in the governance and ownership of the geothermal system's assets, while sharing the financing with a private partner that would build and operate the system.

But in March,residents voted against allowing the city to borrow up to $49 million to finance its capital investment.

City officials had hoped for public approval for the financing, as the federal government was offering Yellowknife a Clean Energy Fund grant for the geothermal project as long as the city could prove its own commitment.

A federal official told CBC News the government is still in talks with the City of Yellowknife about funding.

With Corix now offering to be the primary financier in the geothermal project, the city would only contribute grants it can get, said Coun. Mark Heyck.

"Basically the city has zero financial risk now because we wouldn't be borrowing any money, so our equity stake would be limited to whatever grants we can secure to put towards the project," Heyck said.

 

City would have less control

But the councillor added that customers may end up paying more for Con Mine geothermal heat, since the city would not have as much say over rates.

"In terms of control, as with any business arrangement, the less equity you have in a project, the less control you have," he said.

At the same time, Heyck said he is confident Corix can sell the geothermal heating system to customers in downtown Yellowknife.

"It's not just the city that's sort of putting forward a project with some unanswered questions, but it's a company that has a good record of building and operating these systems throughout North America that can come out and start to talk to members of the community to explain the system to them," he said.

Corix and the City of Yellowknife hope to finalize the terms of their partnership by November, putting them on track to start construction next year.

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Jun 22, 2011

ORMAT Signs BOT Agreement For 45MW Tikitere Geothermal Plant In New Zealand

In a release today and also reported by various news outlets, a subsidiary of Ormat Technologies, Inc. (NYSE: ORA) “has entered into a Build, Operate and Transfer Agreement (“BOT Agreement”) with Tikitere Geothermal Power Limited (“TGL”) to explore, develop, supply, construct, own and operate a geothermal power plant in the Tikitere geothermal area near Rotorua, New Zealand. Ormat was awarded the project following a competitive bidding process initiated by TGL.

TGL was established as a joint venture vehicle for the various Maori trusts that own and administer the land. TGL’s shares are held by the Tikitere Trust. The field from which the energy will be drawn is owned by the Tiki Tere Trust, Paehinahina Mourea and Tiki Tere A (Aggregated) and the Manupirua Ahu Whenua Trust. The wells will be sited on land owned by the Paehinahina Mourea Trust.

Under the BOT Agreement, the parties will jointly develop a geothermal power plant with an estimated capacity of approximately 45 MW. The project will be operated by Ormat, which shall be the project’s beneficiary for an initial period of 14 years following commercial operation and then 100 percent of ownership interests in the project shall be transferred to TGL. During the BOT period, TGL will receive an income stream while a coordination committee, comprised of representatives from both parties, will monitor the operations of the project in order to protect and promote the heritage and cultural values of the Maori land owners.

The project will utilize Ormat’s generating units, similar to those already deployed in 12 geothermal projects in New Zealand, totaling approximately 260 MW.

The BOT Agreement is conditional upon receiving regulatory approval. Construction of the power plant will commence following the obtaining of local permits, as well as satisfactory feasibility results following exploration and development activities to be carried out by Ormat.

Jim Gray, Director of TGL, said, “Following the competitive bidding process we ran to find the most suitable project partner, we are pleased to be joining forces with Ormat on this project, the true value of which goes far beyond its economic and commercial success. Through the involvement of Ormat Technologies, and the human, cultural and community values shared by all those involved, this is truly a paradigm shift for New Zealand Maori in the fulfillment of our vision.”

“We thank TGL and the trusts for their confidence in Ormat”, said Lucien Y. Bronicki, Chairman of the Board and Chief Technology Officer of Ormat Technologies. “As the first BOT project for Ormat in New Zealand, this will diversify Ormat’s portfolio that today includes operations in the U.S., Guatemala, Nicaragua and Kenya. Upon completion, it will expand our existing portfolio by approximately 8 percent. As with previous developed projects in New Zealand, Ormat will maintain close cooperation with local contractors and engineering firms.”

The new plant will optimize energy utilization by converting the heat of both geothermal steam and brine from geothermal wells into electrical power. Like all Ormat plants in New Zealand, the Tikitere plant will reinject 100 percent of the geothermal fluid by using air cooling without any water consumption. The 100 percent reinjection serves both to sustain the reservoir and produce electrical power with virtually no environmental impact.”

Source: Ormat

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Jun 20, 2011

Development Making Progress at U.S. Geothermal’s Neal Hot Springs Project

Recent news from the U.S.  mention that “U.S. Geothermal is moving forward on its project to develop and construct a geothermal power generation plant west of Bully Creek Reservoir at Neal Hot Springs, with construction having started on some facilities and work completed on productions wells.

The Neal Hot Springs geothermal project was the first presentation of the first day during the Eastern Oregon Resource Advisory Council’s meeting Tuesday at the Holiday Inn Express. Members of the council provide advice to the Bureau of Land Management and the Forest Service concerning planning and management on federally-owned land and resources.

“Production wells are complete,” Scott Nichols, environmental lands and permitting manager for U.S. Geothermal, said during his presentation. Attention is now turning to injection wells, through which water that has been run through the power plant will be pumped back into the ground for reheating and maintaining the resource. The company will be relying on fractures in the rock to allow water to flow back to the production wells because the rock is impermeable.

Also, an office and shop are under construction and the remainder of the site, with the generating plant and cooling tower, will follow, Nichols said. Output from the plant is estimated to be up to 22 megawatts.

U.S. Geothermal received a U.S. Department of Energy loan guarantee to help finance the project.

The company is about 15 to 18 months out from bringing the plant on line, Nichols said. An agreement has already been reached with Idaho Power on the sale of the general power.”

Source: Argus Observer

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Jun 10, 2011

BC to hold geothermal lease sale

In a release today, The Province of British Columbia Ministry of Energy and Mines provides  the following Crown Geothermal Resources Notice of Public Tender for the "Competition for the right to explore and develop crown geothermal resources" on July 26, 2011.

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Jun 10, 2011

Ormat Technologies Offered Conditional Commitment for DOE Loan Guarantee

Reno, Nevada, June 9, 2011 -- Ormat Technologies, Inc. (NYSE: ORA) today announced its subsidiary, Ormat Nevada Inc. (“Ormat Nevada”) received an offer of a conditional commitment from the DOE that would provide a partial guarantee for up to a $350 million loan to support a geothermal power project expected to generate up to 121 MW of power from three Nevada based facilities built in two phases.

The three facilities -- McGinness Hills, Jersey Valley and Tuscarora -- will provide clean and baseload power through 20-year power purchase agreements with Nevada Power Company, a subsidiary of NV Energy.

Dita Bronicki, CEO of Ormat Technologies said, “The DOE 1705 program provides us with financing terms that enables us to finance a portfolio of facilities that are being developed in two phases. This innovative approach to project finance was made possible thanks to the DOE loan guarantee. We are thankful to the DOE’s Loan Programs Office and the rest of the team that moved the project thus far, and will continue working towards the closing of this transaction.”

The facilities utilize Ormat’s proprietary OEC technology, which are commercially proven and installed in approximately 1,370 MW of geothermal power plants and other electricity generating systems around the world. The OEC employs a binary organic Rankine cycle, with hot water drawn from wells deep below the Earth’s surface. The water’s thermal energy is used to heat a secondary fluid that is vaporized and then forced through a turbine to generate electricity.

Lender-applicant, John Hancock Life Insurance Company (USA) submitted the application under the Financial Institution Partnership Program (FIPP).

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Jun 09, 2011

Ormat Technologies Secures $130 Million Supply & EPC Contract for Ngatamariki Geothermal Power Plant

Reno, Nev., June 8, 2011-- Ormat Technologies, Inc. (NYSE: ORA) today announced that it received the largest product order in the company’s history. The Supply contract and the Engineering, Procurement and Construction, (EPC) contract, signed by two of its subsidiaries with Mighty River Power Limited (Mighty River Power) of New Zealand, are for the first stage of the Ngatamariki geothermal project valued at a total of approximately $130 million. The new power plant is to be constructed on the Ngatamariki Geothermal Field in New Zealand. Construction of the power plant is expected to be completed within 24 months from the contract date.

Dita Bronicki, CEO of Ormat Technologies said, “This marks the largest EPC contract that Ormat has ever entered into for one geothermal plant. Our backlog since the beginning of the year has more than doubled and, as of the beginning of the second quarter, stands at record high of over $230 million. Accordingly, we are increasing our Product Segment guidance for 2011 by approximately 15 percent to between $90 million and $100 million.”

Mighty River Power, a state-owned enterprise, is a New Zealand electricity generation and electricity retailing company and one of the most experienced geothermal operators in the world. Geothermal energy represented 33 percent of Mighty River Power’s overall generation in the last quarter -- a total that is expected to grow to approximately 43 percent by 2013, following the completion of the new power plant.

Mrs. Bronicki continued, “We are very proud to receive this repeat contract which demonstrates the confidence Mighty River Power and its Maori Trust partner have in our technology, experience and knowledge. We have a long-standing relationship with both and are excited for the opportunity to, once again, work with the Mighty River Power geothermal team to deliver another strong performing power plant on schedule.”

Mighty River Power’s Chief Executive Dr. Doug Heffernan said, “Our Company is now seeing the benefits of the near NZ$1 billion investment it has made in geothermal generation over the past five years flowing through to the Company’s financial performance as exampled by the 22 percent uplift in earnings, (EBITDAF) recorded for the six months to 31 December, 2010. The Ngatamariki project will allow us to continue that growth trend by building on the core competency we have now developed in geothermal. We are particularly pleased to have placed the contract for the design, supply and construction of plant with Ormat and look forward to another great project delivery from this very experienced team.”

Lucien Bronicki, chairman and CTO of Ormat Technologies, Inc., said, “New Zealand is one of the early pioneers in geothermal energy development. For the past forty years, it has been the country with the most consistent policy of support for geothermal energy and has developed advanced expertise in drilling, geophysics, reservoir engineering, as well as operations. NZ consulting firms assisted many developing countries such as the Philippines, Kenya and Indonesia in geothermal development. Because of their extensive knowledge, New Zealand companies recognized very early, some 25 years ago, the value of Ormat’s technology and experience in optimizing resource utilization. The cooperation between New Zealand’s geothermal companies and Ormat has continued since then and also in other countries.”

Mr. Bronicki concluded, “Ormat has supplied technology and plants adapted to various types of geothermal fields to all of New Zealand’s key geothermal players. We view this milestone as a demonstration of the effectiveness and reliability of Ormat’s technology, as well as a trust in our accumulated geothermal knowledge and experience. The completion of this power plant will bring the total installed capacity of Ormat’s technology in New Zealand to approximately 350 MW in 14 plants. We look forward to a fruitful cooperation with Mighty River Power in this project and in further developing geothermal resources in New Zealand and around the world.”

About the Ngatamariki Geothermal Project

The new power plant will be comprised of four air-cooled Ormat Energy Converters and will allow 100 percent geothermal fluid reinjection, which serves both to sustain the reservoir and to produce electrical power with virtually no environmental impact. The specification and special technical requirements for this power plant are based upon Mighty River Power’s and Ormat’s long professional experience in geothermal development.

About Ormat Technologies

Ormat Technologies, Inc. is the only vertically integrated company primarily engaged in the geothermal and recovered energy power business. The Company designs, develops, owns and operates geothermal and recovered energy-based power plants around the world. Additionally, the Company designs, manufactures and sells geothermal and recovered energy power units and other power-generating equipment, and provides related services. The Company has more than four decades of experience in the development of environmentally-sound power, primarily in geothermal and recovered-energy generation. Ormat products and systems are covered by 80 U.S. patents. Ormat has engineered and built power plants, that it currently owns or has supplied to utilities and developers worldwide, totaling approximately 1370 MW of gross capacity. Ormat’s current generating portfolio includes the following geothermal and recovered energy-based power plants: in the United States - Brady, Brawley, Heber, Jersey Valley, Mammoth, Ormesa, Puna, Steamboat, OREG 1, OREG 2, OREG 3 and OREG 4; in Guatemala - Zunil and Amatitlan; in Kenya – Olkaria III; and, in Nicaragua - Momotombo.

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Jun 08, 2011

Nevada Geothermal Power Inc. Acquires Iceland America Energy, Inc. Project Assets In Imperial Valley

Vancouver, B.C. (June 8, 2011), Nevada Geothermal Power Inc. (NGP) (TSX.V: NGP, OTCBB: NGLPF) and Iceland America Energy, Inc. (IAE) are pleased to announce that they have closed an agreement (News Release dated February 23, 2011) whereby NGP has purchased a 100 percent ownership of IAE’s geothermal assets comprised of the New Truckhaven, East Brawley and South Brawley Projects in the Imperial Valley, Southern California for a payment of US$680,000 in cash (US$564,000 paid) and 6,074,069 shares (to be issued). Reykjavik Energy Invest hf (REI), a subsidiary of Reykjavik Energy (RE-Orkuveita Reykjavikur, Iceland), is the majority owner of IAE with an 83.7% interest and will become a significant shareholder of NGP.

The acquisition of these strong project assets in California is in keeping with NGP’s business plan of focusing on U.S. geothermal power development, expanding geographically into higher temperature resource areas and diversifying off-take agreements. The alignment of interest with REI as a shareholder, and RE-Orkuveita Reykjavikur, an experienced geothermal developer and power plant operator, provides opportunities for cooperation in the future for mutual benefit.

The Imperial Valley is one of the world’s premier geothermal areas with highly productive, high temperature geothermal resources occurring over a large area in an active structural belt. Existing power plants at four sites have an aggregate capacity of approximately 560 MW, however the development potential of the Valley is considered to be much greater.  California has the most aggressive Renewable Portfolio Standard of any US State and requires significantly more clean power to be developed in the next six years. The Company’s newly acquired projects are well located to supply the large southern California market with needed clean, renewable, base-load geothermal power.

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Jun 07, 2011

Alterra Power Completes Sale of 25% Interest in HS Orka to Icelandic Pension Funds

Alterra Power Completes Sale of 25% Interest in HS Orka to Icelandic Pension Funds

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Jun 07, 2011

Alterra Power Sells 25% of Icelandic Subsidiary HS Orka

Alterra Power Sells 25% of Iceland Subsidiary HS Orka to Icelandic Pension Funds and Buys 1.5% from Icelandic Municipalities.

VANCOUVER, May 31, 2011 /CNW/ - Alterra Power Corp. (TSX: AXY) announces the signing by its wholly-owned subsidiary, Magma Energy Sweden AB ("Magma Sweden"), of a Share Purchase Agreement with Jarôvarmi slhf ("Jarôvarmi"), a company owned by a group of 14 Icelandic pension funds. This transaction was previously announced on April 18, 2011 and has now been formalized with the completion of a definitive Share Purchase Agreement. Under the terms of the agreement, Magma Sweden will sell a 25% interest in its 98.5%-owned Icelandic geothermal power company HS Orka hf to Jarôvarmi for ISK 8.06 billion (approximately US $69.8 million). The transaction is expected to close by June 2, 2011.

Magma Sweden was advised on the transaction by Saga Investment Bank based in Iceland.

Magma Sweden has also signed a Share Purchase Agreement with four Icelandic municipalities to purchase a 1.5% interest in HS Orka hf for ISK 475 million (approximately US$ 4.1 million). This transaction is expected to close by June 9, 2011.

Upon completion of the transactions, Magma Sweden will own a 75% interest in HS Orka and the remaining 25% will be owned by the Icelandic pension funds' company Jarôvarmi.

Jarôvarmi will also hold an option until February 10, 2012 to purchase new shares from HS Orka treasury that, if exercised, would increase its stake in HS Orka by 8.4% at a cost of ISK 4.7 billion (approximately US $40.7 million). Assuming the option is exercised, Jarôvarmi would hold 33.4% of HS Orka. Jarôvarmi will hold significant minority shareholder rights to appoint Board members and participate in the major decisions of HS Orka as long as it continues to hold at least a 22.5% interest.

About Alterra Power Corp.

Alterra Power Corp is a leading global renewable energy company, formed in 2011 through the merger of Magma Energy Corp and Plutonic Power Corp. We produce 1,800 GWh of clean power annually from 191 MW of geothermal capacity in Iceland and Nevada, as well as 94 MW of run-of-river hydro and 73 MW of wind capacity in British Columbia. We have an extensive portfolio of exploration and development projects, a skilled international team of explorers, builders & operators and strong financial capacity to support our aggressive growth plans.

About HS Orka

HS Orka is the largest privately owned energy company in Iceland producing 9% of the country's power needs and 10% of the country's heating needs. Installed geothermal power capacity is 175 MW from the Svartsengi and Reykjanes power plants. In addition, HS Orka generates 150 MW of thermal energy for district heating. Expansions are planned that could increase HS Orka's geothermal power production to 405 MW by 2016.

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, prospects for closing of the sales described in the Share Purchase Agreements, the fulfillment of all conditions precedent to the obligation of the parties under the agreements, required consents and third party approvals. This news release also contains statements with respect to our plans to expand our operations and HS Orka's plans to expand their geothermal power production, management's expectations regarding our growth, business prospects and opportunities and geothermal energy generation capacities. Such forward-looking information reflects management's current beliefs and is based on information currently available to management.

 

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Jun 01, 2011

CanGEA Announces Its 4th Annual Conference & Investment Forum

The geothermal event of the year in Canada has just been announced by the Canadian Geothermal Energy Association (CanGEA). CanGEA’s 4th Annual Conference & Investment Forum is taking place at the One King West in Toronto, Canada, September 14-15, 2011.

The program promises a great line up of speakers and topics that will cover the complete value chain of geothermal development. Speakers will highlight development activities in Canada, Canadian activities internationally, marketing/ PR & social media policy, geothermal education in Canada, exploration, drilling and related services, power plant technology options, finance & investment, and the role of utilities and the Canadian natural resources sector in geothermal development.

Date: Wednesday, September 14 to Thursday, September 15, 2011

Venue: One King West Hotel & Residence, 1 King West, Toronto/ ON, Canada

Exhibition: The event will also provide a showcase for companies in form of an exhibition area that creates an opportunity for the promotion of your company, its activities and services.

Workshops: Preceding the event will be two half-day workshops, one for an “Energy for the third millennium: geothermal resources, technologies and applications”, and the other one on the “Canadian Geothermal Code for Public Reporting”, organized by CanGEA to provide an introduction and guidance on geothermal energy to an audience new to geothermal energy.

Rates: starting at $540 for members, $690 for non-members, and $320 for government/ non-profit and academics (Early bird prices until July 31, 2011)

Exhibition: Reserve a space from $900

Call for sponsors: CanGEA offers great sponsorship packages for the event that provide a unique opportunity to promote your company, its activities, products and services (details on www.cangeaevents.ca)

Hotel: One King West, Toronto, Conference discount: CanGEA – Canadian Geothermal Energy Association or Group Code 10L42O

Event website: www.cangeaevents.ca

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May 26, 2011

Ram Power closes offering for proceeds of $70.6m

In a release, “Ram Power, Corp. (TSX:RPG) announces that it has completed its previously announced offering of 127,272,727 units. The Offering was made pursuant to an underwriting agreement between the Company and a syndicate of underwriters led by Cormark Securities Inc., and including Raymond James Ltd., Jacob Securities Inc., National Bank Financial Inc. and Wellington West Capital Markets Inc..

The Units were offered at a price of $0.55 per Unit. Each Unit is comprised of one common share of the Company and one common share purchase warrant. Each Warrant will be exercisable for one Common Share for a period of 36 months from the completion of the Offering at the price of $0.72 per Warrant, subject to earlier termination in the event that the 20 trading day volume weighted average trading price of the Common Shares is equal to or greater than $1.08.

Pursuant to the Underwriting Agreement, Ram Power has also granted to the Underwriters an option, exercisable for a period of 30 days following the closing of the Offering, to purchase up to an additional 9.8 million Units for the purposes of satisfying over-allotments, if any, and for market stabilization purposes. Concurrently with the closing of the Offering, the Underwriters partially exercised this over-allotment option for an additional 1,145,373 Units. As a result, the gross proceeds raised today by the Company was $70,629,955.

The net proceeds from the Offering will be primarily used to fund the remaining equity requirements for the construction of the Company’s San Jacinto-Tizate project site near Leon, Nicaragua and for working capital purposes.

Of these net proceeds, US$10 million was used today to repay an additional bridge loan that the Company borrowed earlier this week from Newberry International Holdings Inc., Exploration Capital Partners 2000 Limited Partnership and Helmsdale Bank Corp. This additional bridge loan was put into place by the Company in order for it to pay for critical path items associated with the construction of the Phase I expansion at the Company’s San Jacinto-Tizate project and to continue resource development at San Jacinto-Tizate for the Phase II expansion.

The Warrants will trade on the Toronto Stock Exchange under the symbol “RPG.WT”"

Source: Company release via CNW

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May 18, 2011

SKM Prepares Code Compliant Report For Argentinian Project

In a release by the company, Australian Earth Heat Resources (ASX: EHR) announces it “has received a very positive outcome at the Copahue project in Argentina, after a review by Sinclair Knight Merz (SKM).

Copahue received a 150% jump in total resources interpreted from SKM, under the new Canadian Geothermal Code [for Public Reporting] (CanGEA) classified resource estimate, in terms of electricity generating capacity and stored heat in place (based on P50 probability).

The new Copahue resource under Canadian Geothermal Code is:

• Measured Resource; 19 generating capacity (MWe), 700 stored heat in place (PJ);
• Inferred Resource, Vapour Zone; 55 generating capacity (MWe), 2500 stored heat in place (PJ); and
• Inferred Resource; deep liquid zone 190 generating capacity (MWe), 7300 stored heat in place (PJ).

The outcome provides for significant additional scope for development at the project, with the potential energy generated for consumers in the Neuquen Province of Argentina.

Of particular significance is the ‘behind pipe’ verification which provides a boost to the certainty of the stage 1 plant size and reduces the immediacy of resource extension drilling.

Earth Heat said that the scope and objectives of the Stage 1 concept study will be released this week, in light of the new resource figures.

The Copahue project is strategically placed 55 kilometres to the national electricity market interconnector, with a sealed bitumen road to the site from Neuquen City. Other infrastructure includes power lines connected from the site to the nearby town of Caviahue, a plentiful water supply with oil field services and equipment in the Province. The population of the Neuquen Province is 475,000.”

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May 13, 2011

Magma Energy Corp. and Plutonic Power Corporation complete merger

VANCOUVER, May 13/CNW/ - Magma Energy Corp. ("Magma") (TSX: MXY) and Plutonic Power Corporation ("Plutonic") (TSX: PCC) today announced the completion of the merger of Magma and Plutonic pursuant to a plan of arrangement (the "Arrangement").  As previously announced, the Arrangement was approved by the Supreme Court of British Columbiaon May 9, 2011.

Pursuant to the Arrangement, Magma has acquired all of the outstanding shares of Plutonic on the basis of 2.38 common shares of Magma and Cdn. $0.0001in cash for each Plutonic common share.  In addition, all of the outstanding stock options to purchase Plutonic common shares are now exercisable for common shares of Magma in accordance with the same exchange ratio.

In connection with the Arrangement, Magma will change its name to "Alterra Power Corp." and its common shares will, subject to receipt of final approval of the Toronto Stock Exchange("TSX"), trade on the TSX under the symbol "AXY".  For trading purposes, the change of name and trading symbol are expected to become effective, subject to TSX approval, as of the commencement of trading onMay 18, 2011.

Subject to TSX confirmation, Plutonic common shares are expected to be delisted from trading on the TSX as of the close of business on May 17, 2011.

About Magma Energy Corp.

Magma Energy Corp.is a geothermal power company which owns and operates 198 MW of geothermal energy projects while actively exploring for and developing new projects.  Magma has an extensive portfolio of properties throughout the western United States, Iceland, South Americaand Italy, including one operating power plant in Nevadaand two in Iceland.

About Plutonic Power Corp.

Plutonic Poweridentifies, develops and operates clean power projects in a safe reliable and efficient manner.  Plutonic Powerstrives to be a Canadian-based leader in clean power.  Plutonic's principal operating facilities are the Toba Montrose Hydroelectric Projectand the Dokie Wind Farm. These assets are held in partnership with GE Energy Financial Servicesof which Plutonic is the managing and operating partner.  For more information, visit www.plutonic.ca

The TSX Exchange does not accept responsibility for the adequacy or accuracy of this release.

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, including the expected date of the change of Magma's name and trading symbol and the expected date for the delisting of Plutonic common shares.

These statements are subject to a number of risks and uncertainties.  Actual results may differ materially from results contemplated by the forward-looking statements.  When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements.  Plutonic and Magma, respectively, do not undertake to update any forward looking statements, oral or written, made by itself or on its behalf.

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May 12, 2011

Project Status Report by NevadaGeothermal Power Inc.

 

NEVADAGEOTHERMAL POWER INC. – PROJECT STATUS REPORT

VANCOUVER, B.C. (May 11, 2011) – Nevada Geothermal Power Inc. (NGP) (TSX-V: NGP, OTC-BB: NGLPF) is pleased to update the status of on-going work.

Nevada Geothermal Power is a leading geothermal developer focused on geothermal power development in the US for continued growth. World events, including political instability in Middle East oil producing regions and the tragic nuclear power plant failure in Japan provide renewed impetus for the U.S. Government plan to encourage the construction of clean, renewable power plants, the development of new clean energy technology and the strengthening of the power grid to bring new power to market. At present, the U.S. is the largest producer of geothermal power in the world with over 3000 MW of geothermal power capacity on line, 1600 MW of new geothermal capacity under development and over 5000 MW of identified geothermal resources for potential future development (Geothermal Energy Association, 2011).

NGP operates the 49.5 MW Faulkner 1 power plant at the Blue Mountain Geothermal Project, Humboldt County, Nevada. Near term growth is planned to come from development of the Crump Geyser (Oregon) and Pumpernickel (Nevada) properties, as well as project acquisitions in Imperial Valley (California) from Iceland America Energy, Inc. (IAE).  

NGP has sufficient cash reserves to enable further development of its plans through 2011. The Company is well advanced in its program to acquire three new geothermal properties in the Imperial Valley from IAE and in its resource development in a joint venture at Crump Geyser with Ormat Nevada Inc. The Company is also planning to further pay down mezzanine debt related to the Faulkner 1 plant.

The economics of the Faulkner 1 geothermal plant continue to be adversely affected by lower than anticipated power production and a forecasted gradual temperature decline. The Company is currently further stimulating and testing five wells, as well as re-modeling the reservoir to update its forecast of power production. The Company presently believes the most reasonable power production forecast is 35 MW (net) declining approximately 2.5% per year.  If there is no improvement in this forecast the Company will not be able to meet the terms of its loan with EIG Global Energy Partners (EIG), formerly the Trust Company of the West (TCW), and accordingly, in addition to applying for a federal government cash grant and assessing a tax-assisted financing, the Company has begun discussions with EIG in order to make changes to the capital structure.

The current balance on the EIG loan is approximately $88 million. NGP anticipates repaying a portion of the debt with proceeds of approximately $7.5 million from a potential tax grant based on additional $25 million of qualified well field expenditures since the plant was placed in service. In addition, NGP will explore its strategic options and has engaged Marathon Capital to assist with the structuring and potential placement of a $30-50 million tax-assisted financing. The financing requires reaching an agreement with EIG on new terms that include some conversion of debt to Faulkner 1 Holdco equity, or similar adjustments, as well as receiving a satisfactory updated resource report from independent consultants, GeothermEx Inc., upon the completion of current well tests.

The Company is advancing the following development projects:

 

Blue Mountain, Nevada

Plant production has been steadily improved to current levels of 35-37 MW (net) or 46-48 MW (gross) output by additional well field drilling since October 2009 when the plant was placed in service. Seven full-sized geothermal wells were completed under the supplemental drilling program, and four have been connected to the Faulkner 1 power plant.  Three of these wells (55-15, 58-11, and 91-15) are in operation as injection wells and a fourth well (44-14) is connected to the plant and has been used intermittently for both production and injection since its completion.  The remaining wells (41-27, 34-23, 86-22) located southwest of the production area showed marginal permeability associated with a weak thermal zone and are not connected to the plant at this time. Wells 34-23 and 86-22, along with previously-drilled, sub-commercial production test wells 38-14, 89-11, and 44-14, are being stimulated by cold water injection and oil field fracturing techniques in an attempt to improve injection capacity/production capacity. Test results will be incorporated into an updated reservoir report needed to support the tax-assisted financing referred to above.

NGP plans to continue with exploration drilling of the “Western” and “South Blue Mountain” geothermal target areas.  

 

Iceland America Asset Purchase, Imperial Valley, California

Imperial Valley is a premier address for geothermal development in the US with 500 MW of power capacity on line. Active new power development projects include the 50 MW Hudson Ranch Project which is under construction and the 50 MW Orita Project where Ram Power has released encouraging results from two deep development test wells. 

The agreement to purchase the New Truckhaven, East Brawley and South Brawley high temperature geothermal projects is progressing and is expected to close shortly. NGP believes that commercial reservoirs may be present at the New Truckhaven and the East Brawley Projects based on extensive past work including development test drilling in both areas. Iceland America’s East Brawley leases are centered on a large heat anomaly immediately south of current drilling by Ram at the Orita Project.

NGP project planning has been initiated so that development permit work and infrastructure studies can commence expeditiously after the acquisition is complete.

 

Crump Geyser, Oregon

Crump Geothermal Company (CGC), a joint venture between Nevada Geothermal Power and Ormat Nevada, Inc., completed and tested a 5000-foot deep exploration well (34-3) at the Crump Geyser property at a location along the range front to the south of Crump Geyser. A shallow thermal outflow zone not suitable for production was intersected; however, results indicate the well can be used for injection. Planning is in progress to drill additional exploratory production test wells.

CGC obtained extensive temperature gradient drilling data over the project area from an earlier exploration program which outlines the shallow thermal anomaly and obviates the need for further shallow gradient drilling work at Crump. Consequently, CGC submitted a revised deep slim well drilling program along with a progress report covering geophysical (gravity, seismic, aeromag) surveys completed, details of the earlier gradient well program, and environmental/permitting work to the Department of Energy (DOE) relative to the on-going $3.4 million, cost- shared exploration program.

A deep well drilling program to test targets down to 5000 feet has commenced.  Power market and transmission access feasibility studies are underway.

 

Pumpernickel, Nevada

The Pumpernickel Project has been extensively explored and is ready for development drilling. Three production test well sites are permitted and a level drill pad has been constructed at one location. A water license has been awarded for future power plant operations enabling a water cooled power plant and increasing power production during summer months.  NGP is seeking a financial partner for further project development.

A $3.2 million DOE cost-shared exploration program has been transferred from North Valley to the Pumpernickel Project. NGP will move ahead with environmental studies and a shallow soil-gas sampling program leading to two deep confirmation holes in collaboration with the DOE.

 

North Valley, Nevada

A $300,000 deep confirmation well program is scheduled to commence shortly pending receipt of access road permits at North Valley in a central location within a 10-square-mile, high grade thermal anomaly. The well is intended to measure subsurface temperatures and to obtain geothermal brine samples and better define the potential geothermal resource temperature and field capacity.

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 leasehold interests in five properties: Blue Mountain, Pumpernickel Valley, Edna Mountain  and North Valley 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.

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May 10, 2011

Plutonic Power Corporation Receives Final Court Order For Transaction with Magma Energy

VANCOUVER, May 10/CNW/ - Plutonic Power Corporation(PCC: TSX) and Magma Energy Corp(MXY: TSX)are pleased to announce that the Supreme Court of British Columbiahas issued a final order approving the plan of arrangement (the "Arrangement") involving Plutonic and Magma.

As previously announced on March 7, 2011, Magma and Plutonic have entered into an arrangement agreement whereby Magma has agreed to acquire all of the issued and outstanding shares of Plutonic. Each Plutonic shareholder will receive 2.38 shares of Magma and $0.0001in cash for each Plutonic share held. At the special and annual general meeting of the Shareholders of the Company held on April 28, 2011, shareholders of Plutonic approved the Arrangement. Following the Arrangement, Magma will change its name to Alterra Power Corp.and Plutonic will become its wholly-owned subsidiary.

Completion of the Arrangement remains subject to certain conditions precedent. The completion of the Arrangement is expected to occur on or about May 13, 2011.

About Plutonic Power Corporation

Plutonic Poweridentifies, develops and operates clean power projects in a safe reliable and efficient manner. Plutonic Powerstrives to be a leader in clean power. Plutonic's principal operating facilities are the Toba Montrose Hydroelectric Projectand the Dokie Wind Farm. These assets are held in partnership with GE Energy Financial Servicesof which Plutonic is the managing and operating partner. For more information, visit www.plutonic.ca.

About Magma Energy Corp.

Magma Energy Corp.is a geothermal power company which owns and operates 198 MW of geothermal energy projects while actively exploring for and developing new projects. Magma has an extensive portfolio of properties throughout the western United States, Iceland, South Americaand Italy, including one operating power plant in Nevadaand two in Iceland. For more information, visitwww.magmaenergycorp.com.

The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.

Caution Regarding Forward-Looking Statements - This news release contains certain forward-looking statements, including statements regarding the closing of the Arrangement. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. Plutonic and Magma do not undertake to update any forward looking statements, oral or written, made by itself or on its behalf.

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May 09, 2011

CanGEA co-founding International Geothermal Business Coalition

May 9, 2011 - In an historic accord, the members of several leading national geothermal trade and business associations have joined together to establish an international geothermal business coalition.

The new International Geothermal Business Coalition, co-founded by the European Geothermal Energy Council (EGEC), the U.S. Geothermal Energy Association (GEA), the Canadian Geothermal Energy Association (CanGEA), the Australian Geothermal Energy Association (AGEA), and the Chilean Geothermal Energy Association, will represent the leading companies in developing geothermal resources to meet energy needs across the world.  

The new geothermal coalition will work to expand efforts to utilize these valuable geothermal resources in every nation. With the vast potential that geothermal has to create clean, renewable base-load energy and bring jobs to the nations that embrace it, the coalition leaders will work to ensure that geothermal resources are not ignored in national and international energy plans. 

Press release by CanGEA

Joint Declaration by the groups forming the International Geothermal Business Coalition

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Apr 27, 2011

CanGEA Member Nexen Reports Solid First Quarter and Progress on Several Growth Milestones

Calgary , Alberta April 27, 2011- Nexen Inc. reported solid first quarter 2011 financial results today, generating increased cash flow from operations and net income over the fourth quarter of 2010.

The company also reported progress on several important growth milestones, including Board of Director approval to proceed with the development of Golden Eagle. At Long Lake, initiatives to increase independence between our SAGD and upgrader facilities were advanced. In the Horn River shale gas basin, the drilling of a nine-well program resulted in a new regional record for the fewest days to successfully drill a horizontal well. In addition, we completed our non-core asset disposition program with the sale of our investment in Canexus, contributing to the $1.7 billion generated from the disposition program.

 

"We had a strong start to the year and our portfolio is delivering solid financial results. We completed our divestment program, which narrowed our business focus, strengthened our balance sheet, and our growth strategies are on track," said Marvin Romanow, President and Chief Executive Officer. "On the operational side, the Board's approval of our Golden Eagle development is a significant step forward in advancing our plans to deliver value from our portfolio of development opportunities."

For full release visit Nexen's website

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Apr 20, 2011

CanGEA Chair Comments on Canadian Renewable Energy Market Overview

Alison Thompson, CanGEA chair, comments on the Canadian renewable energy market in an interview by David Wagman at Renewable Energy World North America magazine.

April 19, 2011 -  One renewable technology that has yet to gain any foothold is geothermal energy. The country shares the same continental shelf and geology as the U.S., Mexico and Latin America and counts some 200 hot springs that have yet to be developed. But the federal government and the provinces both have so far failed to put in place policies and regulations to encourage geothermal development, said Alison Thompson, chair of the Canadian Geothermal Energy Association. She acknowledged the group's goal to have 5,000 MW of installed capacity by 2015 is unrealistic and said proponents hope instead that a similar amount of geothermal resource can be defined by that date. "We are quite comfortable with that number given production rates in the U.S. and Mexico," she said.

Educating policymakers remains a priority for Association members, she said. The Ontario FIT program includes every renewable energy resource available in the province but geothermal. And out of the C$1.3 billion allocated at the federal level as a production incentive, none was earmarked for geothermal. Efforts are underway to create permit and lease programs at the provincial levels and to have geothermal included in future feed-in tariff programs. One recent success came last December when the federal government offered tax breaks to resource exploration firms that drill for geothermal.

Unlike other renewable energy resources, Thompson said geothermal energy can be cost-competitive without extensive subsidies, especially in remote parts of the county where communities often rely on diesel for electric power generation. In portions of the Northwest Territories, communities can spend hundreds of dollars per megawatt-hour for electricity. "Geothermal comes in far below that," she said. In Alberta, which offers an incentive of $15 a tonne to reduce carbon dioxide emissions, geothermal could be competitive. And in hydro-rich British Columbia, which offers essentially no incentive, geothermal could be competitive on the grid, however, access to leases and permit remain major barriers.

Full article at Renewable Energy World

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Apr 19, 2011

CanGEA Presents at Canada Forum’s “Powering up Aboriginal Energy” Event

Canada Forum’s event “Powering up Aboriginal Energy” takes place on the 18-19^th of April at the Delta Chelsea Hotel, Toronto, ON.

Event Description: Clean Energy Empowering Economic Development Across Canada.

The Aboriginal Clean Energy Forum is a partnership endeavor with First Nations to foster new economic development relationships with the private sector and governments to make clean energy projects a reality. This conference aims to help First Nations communities become active partners in hydro, wind, biomass solar and geothermal projects from coast-to-coast-to-coast. The Forum is the National event in the domain of Aboriginal clean energy.

CanGEA director John McIlveen will be attending and presenting during the Geothermal Workshop. CanGEA member companies Borealis GeoPower and Acho Dene Koe First Nations will also be presenting.

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Apr 19, 2011

Magma Energy to Sell 25% of Iceland Subsidiary HS Orka to Icelandic Pension Funds

VANCOUVER, April 18 /CNW/ - Magma Energy Corp. (TSX: MXY) announces that its wholly-owned subsidiary, Magma Energy Sweden AB has signed a term sheet to sell a 25% interest in its 98.5%-owned Icelandic geothermal power company HS Orka hf to a group of Icelandic pension funds. The purchase price of ISK 8.06 billion (approximately US $71.5 million) is approximately equal to Magma's original cost of acquisition. The pension funds will also hold an option until February 10, 2012 to purchase new shares from HS Orka treasury that, if exercised, would increase their stake in HS Orka to 33.4% at a cost of ISK 4.7 billion (approximately US $41.7 million). Magma has also agreed to provide the pension funds with significant minority shareholder rights to appoint Board members and participate in the major decisions of HS Orka as long as they continue to hold at least a 22.5% interest. The transaction is subject to a number of conditions, including further due diligence, and is expected to close in May.

 

About Magma Energy Corp.
Magma Energy Corp. is a global geothermal power company which operates, develops, explores and acquires geothermal energy projects.  We have an extensive portfolio of properties throughout the western United States, Iceland and Latin America, including one operating power plant in Nevada and two in Iceland.

 

About HS Orka
HS Orka is the largest privately owned energy company in Iceland producing 9% of the country's power needs and 10% of the country's heating needs.  Installed geothermal power capacity is 175 MW from the Svartsengi and Reykjanes power plants.  In addition, HS Orka generates 150 MW of thermal energy for district heating. Expansions are planned that could increase HS Orka's geothermal power production to 405 MW by 2016.  HS Orka's 75 MW Svartsengi plant began production in 1977 and its 100 MW Reykjanes plant began production in 2006. The electrical supply is partly sold in US dollars to industrial users under long-term power purchase agreements.

More information on Magma's website

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Apr 19, 2011

Magma Energy Awarded its First Geothermal Concessions in Peru

 

Magma Energy Corp.(TSX: MXY) is pleased to announce that it has been awarded two geothermal exploration concessions in Peru, known as Crucero and Loriscota. These concessions cover 37,400 hectares of land in southern Peruand are underlain by young volcanic rocks with numerous hot springs and other promising indicators of large geothermal systems.

 

During 2011, Magma will conduct geological, geochemical, and geophysical work to advance each concession´s potential for geothermal power production.  Magma expects to receive additional Peruvian geothermal concessions during the year.

 

Dr. Catherine  Hickson, Magma´s Chief Geologist and Vice-President Exploration, said, "I am very pleased we have received these long-awaited concessions and can now begin active fieldwork. Peruhas promising geology for world-class geothermal systems and I hope we can replicate in Peruthe success we have experienced to date in our Chilean projects."
 

More information on Magma's website

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Apr 12, 2011

CanGEA Member SNC Lavalin Celebrates 100th Anniversary

Montreal | April 11, 2011 SNC-Lavalin (TSX: SNC) launched its 100th anniversary celebrations today at Montreal’s Palais des congrès. President and CEO, Pierre Duhaime, chose the occasion of the Company’s 2011 International Symposium to announce the commencement of celebrations to the media and about 400 employees from its offices around the world.

 

“This is a tremendous achievement, and we’re very proud of every one of our employees, both past and present, who have made SNC-Lavalin the amazing company it is today,” said Duhaime. “Engineering and construction firms play a crucial role in shaping society. They constantly look for more efficient and sustainable ways to build the facilities and infrastructure we rely on – buildings, bridges, water treatment plants, industrial plants, power plants – the list goes on and on. It is challenging and fulfilling work that improves the well-being of communities around the world.”

 

Founded in Montreal in 1911, the Company started out as a one-man engineering consulting office with one client. Today it has grown to be one of the world’s largest engineering/construction firms with 24,000 employees in offices across Canada and in over 35 other countries around the world. At any given time its employees are working on thousands of projects in some 100 countries. In 2010, it earned revenues of $6.3 billion and a net income of $437 million.

 

SNC-Lavalin has grown and evolved to a remarkable extent over the last hundred years. It has world renowned expertise in numerous sectors of activity and extensive experience in hundreds of countries.  It is also one of very few companies in the world that can cover the entire life cycle of a project. It has the know-how and resources to design, build, operate, maintain, and even arrange project financing, for facilities and infrastructure anywhere in the world.

 

“We’re especially proud of the fact that sustainable development, as it is known today, has been an integral part of SNC-Lavalin’s culture from the very beginning,” said Duhaime. “Early in the company’s history, back in 1917, our first president, Arthur Surveyer, advocated ‘respecting the laws of nature and economically managing works that will improve the comfort and well-being of humanity.’ Today we promote a similar philosophy with our WE CARE values.”

 

To mark its 100th anniversary, SNC-Lavalin is launching a 100 Acts of WE CARE initiative. Between April and November 2011, the Company will recognize 100 examples of employees giving their time to a cause in their community related to one or more of its WE CARE values: health & safety, employees, communities, the environment and quality.

 

“From building a hospital in Uganda to helping street kids in Montreal, our employees are doing truly impressive volunteer work in their own communities and in the communities near our project sites,” said Duhaime. “You don’t have to be a huge company to help improve society – everyone can contribute and we’re hoping this initiative will encourage other companies and individuals to help wherever they can.”

 

Employees in SNC-Lavalin’s offices around the world will be marking the centennial throughout the year with various activities. Today, April 11, is the day the Company is celebrating its birthday. Birthday cake was served to employees worldwide across 11 time zones. Meanwhile, a travelling hard hat is criss-crossing the globe visiting SNC-Lavalin’s offices and project sites for photo opportunities. This Spring, SNC-Lavalin will also be giving each of its 24,000 employees an official centennial history book as a memento to mark the occasion, also available for sale.

 

SNC-Lavalin is one of the leading engineering and construction groups in the world and a major player in the ownership of infrastructure, and in the provision of operations and maintenance services. SNC-Lavalin has offices across Canada and in over 35 other countries around the world, and is currently working in some 100 countries. In business since 1911, the Company celebrates its 100th anniversary in 2011.
 Source: snclavalin.com.

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Apr 12, 2011

CanGEA Member US Geothermal Receives Key Reservoir Certificate

CanGEA Member US Geothermal Receives Key Reservoir Certificate for Neal Hot Springs Oregon Project

Plant Construction and Related Site Work Underway;

Hundreds of Jobs Created

BOISE, Idaho (April 11, 2011) -- U.S. Geothermal Inc. (NYSE Amex: HTM; TSX: GTH), a leading renewable energy company focused on the development, production and sale of electricity from geothermal energy, today announced the receipt of a key reservoir certificate by the U.S. Department of Energy's (DOE) independent reservoir engineer. The certificate is a technical condition required under the DOE's $96.7 million loan guarantee to construct the planned net 23 megawatt (MW) power plant at Neal Hot Springs in Eastern Oregon.

USG Oregon LLC, a subsidiary of U.S. Geothermal Inc., has now provided TAS Energy, Inc., Idaho Power Company and Industrial Builders Inc., with notices to proceed with the manufacture of the power plant, construction of a 10-mile transmission line and the site construction and development services, respectively. USG Oregon LLC also has initiated the final stage of drilling activities to drill the remaining required injection wells for the project.

"We are moving quickly to bring the Neal Hot Springs project online," said Daniel Kunz, President and Chief Executive Officer of U.S. Geothermal. "The Department of Energy's renewable-energy loan programs are helping to grow America's green economy by adding new jobs and putting renewable energy on a more level playing field with fossil fuel energy sources."

Idaho's largest utility, Idaho Power Company, has signed a 25-year power purchase agreement with USG Oregon LLC for up to 25 MW of electrical power per year. Beginning in 2012, the base energy price is $96 per MW hour and escalates annually. The calculated 25-year levelized price is $117.65 per MW hour.

The Neal Hot Springs project is the first geothermal project to complete the closing of a loan guarantee under DOE's Title XVII Section 1703 loan guarantee program, which was created by the Energy Policy Act of 2005 to support the deployment of innovative clean energy technologies. Based on the DOE loan guarantee, the U.S. Treasury's Federal Financing Bank is providing a $96.7 million low-cost, long-term loan to the Neal Hot Springs project. Enbridge (US) Inc. is acquiring a 20% direct ownership interest in the $129 million Neal Hot Springs project by funding the remaining equity share of the construction costs, with the balance of the construction costs being funded by the project loan.

The Neal Hot Springs project is expected to create or retain more than 50 permanent jobs in the Pacific Northwest. Approximately 400 jobs through the equipment supply chain, plant manufacturing and site construction activities will be created or retained during the project's 18-month construction phase.

More information on U.S. Geothermal website

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Apr 06, 2011

CanGEA Member Ormat Signs 20-Year Power Purchase Agreement for 36MW Expansion in Kenya

CanGEOrmat Signs 20-Year Power Purchase Agreement for 36MW expansion of Olkaria III Complex in Kenya

RENO, Nevada, April 4, 2011 -- Ormat Technologies, Inc. (NYSE: ORA) announced today that its subsidiary, OrPower 4, Inc., signed a 20-year power purchase agreement (PPA) amendment with Kenya Power and Lighting Company Limited (KPLC) to purchase an additional 36 megawatts (MW) of clean energy output from a new power plant at the Olkaria complex. The new plant will be constructed adjacent to the existing 48MW Olkaria III geothermal power plant near Lake Naivasha, Kenya. The new power plant is scheduled to come online in 2013.

 

The PPA amendment includes an option to increase the combined 84MW capacity from the new and existing plants to up to 100 MWs subject to monitoring and assessment of the geothermal reservoir capacity. Ormat built the first 48 MW plant in three stages in parallel to the resource development, allowing the Company to advance revenue generation and long-term resource testing at commercial conditions. The first stage commenced in August 2000 with 8MW and was developed as part of the initial appraisal of the Olkaria III reservoir. This was followed by commercial well drilling and construction of a second and third stage to reach the 48MW target capacity, which was achieved in January 2009.

 

“Gradual development of a geothermal resource reduces a number of risks as data is continuously refined while the process moves forward. Using this phased approach, a power plant’s final design and future drilling programs are based on reliable resource data derived from long-term and on-going operation of the geothermal wells at commercial conditions rather than the short term tests that are customary in the geothermal industry.” said Dita Bronicki, Chief Executive Officer of Ormat. “Ormat continues to believe in Kenya’s economy and is proud to have the opportunity to expand Olkaria III by additional 36 MW. Our accomplishments in Kenya have been achieved through the hard work and dedication of our plant’s operation team that has consisted entirely of skilled local employees, managed by Eng. Ernest S. Mabwa, since the complex’s earliest stages.”

 

The first plant has been in continuous operation since 2000 and has achieved very high availability factors. Similar to the technology used in the existing plant, the new plant will utilize Ormat’s air cooled technology, which does not consume any water.

 

About Ormat Technologies

Ormat Technologies, Inc. is the only vertically integrated company primarily engaged in the geothermal and recovered energy power business. The Company designs, develops, owns and operates geothermal and recovered energy-based power plants around the world. Additionally, the Company designs, manufactures and sells geothermal and recovered energy power units and other power-generating equipment, and provides related services. The Company has more than four decades of experience in the development of environmentally-sound power, primarily in geothermal and recovered-energy generation. Ormat products and systems are covered by 80 U.S. patents. Ormat has engineered and built power plants, that it currently owns or has supplied to utilities and developers worldwide, totaling approximately 1370 MW of gross capacity. Ormat’s current generating portfolio includes the following geothermal and recovered energy-based power plants: in the United States - Brady, Brawley, Heber, Jersey Valley, Mammoth, Ormesa, Puna, Steamboat, OREG 1, OREG 2, OREG 3 and OREG 4; in Guatemala - Zunil and Amatitlan; in Kenya – Olkaria III; and, in Nicaragua - Momotombo.

Source: Ormat

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Apr 01, 2011

CanGEA Member Caldera Geothermal Increases Geothermal Acreage in Nevada

 

In an announcement, “Capricorn Business Acquisitions Inc. (“Capricorn”) (TSX VENTURE: CAK.P), a capital pool company, is pleased to convey an update received from Caldera Geothermal Inc. (“Caldera”), with whom Capricorn has signed a binding letter of intent to complete a Qualifying Transaction as disclosed in its press release dated April 8, 2010 and amended as disclosed in its press release dated December 9, 2010. Caldera is pleased to announce the acquisition of two key geothermal lease parcels totalling 8,575 acres at the 2011 Bureau of Land Management geothermal lease auction held in Reno, Nevada on March 22, 2011. These new leases bring Caldera’s total geothermal lease holdings to 28,448 acres. The total cost for the parcels was USD $54,170.

 

The two parcels expand Caldera’s acreage at its Teels Marsh and Rhodes Marsh properties, which are both “blind” geothermal systems where thermal waters do not reach the surface. Both were identified by subtle surface indicators, including shallow (2m) temperature anomalies. Geoprobe work at Teels Marsh in 2010 confirmed the presence of a geothermal system by finding thermal waters up to 97 degrees C at approx.30m depth below the shallow temperature anomalies. Geochemistry from a thermal well at Rhodes Marsh suggests a approx.150 degrees C reservoir.

 

Zohrab Mawani, Caldera’s CEO, commented: “We’re extremely pleased to have been so successful at this year’s auction, and in particular the acquisition of the Rhodes Marsh parcel now gives us a significant position over the target and gives Caldera another promising exploration asset.”

 

Mr. Mawani further added: “Events around the world are a sobering reminder of the need for renewable energy, and despite some of the challenges the industry has faced over the past two years, geothermal’s clean, secure and base load green energy will play an important part in delivering power to homes and businesses around the world. We believe we have picked up two excellent prospective geothermal exploration assets with a strong potential to host power production facilities in the next few years, and at a very low price. Over the medium and long term the value of these resources should become rationalized relative to other energy resources to the benefit of our shareholders and investors in the geothermal industry.”

 

Source: ThinkGeoEnergy.com

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Apr 01, 2011

CanGEA AGM: Webinar Today at 11am MST

CanGEA will be hosting its 2011 AGM today, Friday 1st April, 2011. at 11 AM MST. If you wish to join the webinar, please send an e-mail to .(JavaScript must be enabled to view this email address)

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Mar 31, 2011

CanGEA Member Ram Power Signs PPA for 26MW Geyser Project of Subsidiary Western Geopower

Ram Power announces that NCPA has approved an amended and restated Power Purchase Agreement with the company’s subsidiary Western GeoPower for the purchase of power from the 26 MW geothermal power project of WGP in the Geysers area in California.

In a release by Ram Power (TSX: RPG), the company announced “today that the Northern California Power Agency (“NCPA”) has approved an amended and restated power purchase agreement (the “Power Purchase Agreement”) with the Company’s subsidiary, Western GeoPower, Inc. (“WGP”), for the purchase of all energy and available environmental attributes from WGP’s geothermal power plant at The Geysers Geothermal Field in Northern California (the “Project”). The Company anticipates that the 26 MW (net) Project will be completed by the end of 2013.

 

The Power Purchase Agreement amends a power purchase agreement entered into in 2008. Among other things, the Power Purchase Agreement updates the milestones for completion of the Project, adjusts the expected capacity of the Project to approximately 26 MW (net), revises the purchase price per MW, and extends the term of the agreement from 20 to 25 years. NCPA’s Commission approved the Power Purchase Agreement on March 24, 2011. Subject to approval by the five NCPA members which are receiving power from the Project, it is anticipated that the Power Purchase Agreement will be signed in April 2011.

 

“Our commitment to explore and develop innovated and effective ‘green power’ energy programs is reflected in this agreement,” said Jim Pope, general Manager of NCPA. “By securing the geothermal power from the Western GeoPower Unit 1, our member communities in Northern and Central California will continue to benefit from what we consider to be the prime source of reliable, sustainable energy compared to the cleanest natural gas-fired sources. The inclusion of this unit to our resources now expands our geothermal production from four to five plants at The Geysers.”

 

“We are extremely pleased with the results of the NCPA negotiations,” stated Antony Mitchell, Executive Chairman of Ram Power. “NCPA has again recognized Ram Power’s continued desire to develop the Geysers project thereby delivering clean, renewable geothermal energy to their customers into the future.”

 

The Geysers Geothermal Field, located 75 miles north of San Francisco, California, is the largest producer of geothermal electricity in the world. Commercial geothermal power has been generated continuously at The Geysers Field since 1960, the present generation level being about 900 megawatts of clean, base load electricity. WGP owns or leases all of the geothermal rights necessary to develop the Project. The Project’s steam field is situated in the southwestern region of The Geysers Field in Sonoma County. A commercial power plant of 62 megawatt (gross) capacity, known as PG&E Unit 15, operated at the steam field during 1979-1989.

 

NCPA, located in Roseville, California, is a joint powers agency providing clean, renewable energy to its 17 member communities and districts in Northern and Central California. Founded in 1968, NCPA owns and operates power plants that together comprise a 95% emission-free generation portfolio. NCPA owns and operates geothermal power plants, hydroelectric plants, simple combustion turbine plants and steam injected combustion turbine plants.”
 

Source: ThinkGeoEnergy.com

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Mar 31, 2011

CanGEA Member Magma Energy Awarded Two Geothermal Concessions in Italy

VANCOUVER, March 30 /CNW/ - Magma Energy Corp. (TSX: MXY) is pleased to announce that its Italian subsidiary has been awarded, in a competitive bidding process, two geothermal exploration concessions in Italy, known as PR Mensano ("Mensano") and PR Roccastrada ("Roccastrada").

Both Mensano and Roccastrada are in western Tuscany near the town of Larderello, a globally renowned geothermal power production region. The world's first geothermal power plant started in the region in 1911, and currently the region has 32 operating geothermal power plants with a combined capacity of 790 MW. The 21,256 hectare Mensano concession lies to the east of Larderello, while the 27,190 hectare Roccastrada concession is to the south of the town. Both Mensano and Roccastrada exhibit the area's typical sedimentary and metamorphic rock formations and overlie a large inferred heat source that powers the major regional geothermal system.

Dr. Catherine Hickson, Magma's Vice-President Exploration and Chief Geologist, said, "Magma is very pleased to have won these concessions. This is one of the world's largest geothermal power regions and we are confident there is abundant potential for the discovery of additional resources. Italy also has excellent incentives in place for green energy, with power prices as high as €180/MWh, and I look forward to these concessions forming the basis for a successful long term geothermal exploration and development business for Magma in Tuscany."

 

About Magma Energy Corp.
Magma Energy Corp. is a global geothermal power company which operates, develops, explores and acquires geothermal energy projects. We have an extensive portfolio of properties throughout the western United States, Iceland and Latin America, including one operating power plant in Nevada and two in Iceland.

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Mar 29, 2011

Ram Power Reports Positive Drillling Results at its Geothermal Power Project in Nicaragua

CanGEA member, Ram Power, Corp. (TSX: RPG), announces the successful re-drill and initial evaluation of production well SJ12-1 and the successful flow test results of production well SJ12-2 at San Jacinto-Tizate.

As previously announced, to achieve production in wells SJ 12-1 and SJ 12-2, the Company had decided to re-drill both wells. The re-drills were expected to correct the problems encountered in the original drilling and reach the originally planned intersection of deep production zones. In February 2011, the Company re-appointed Sinclair Knight Merz (“SKM”), a leading global consulting firm in the geothermal industry, which has extensive experience in drilling and analyzing the resource at San Jacinto-Tizate where they successfully drilled 40MW. SKM’s expertise in well targeting contributed to better definition of inclination and azimuth angles for directional wells. SKM’s experience with the San Jacinto-Tizate resource field led to optimal selection of drilling fluids, flow rates, and drilling penetration rates and greater use of perforated liner which were successfully utilized in previous drilling at the resource field. In addition, SKM has a drilling engineer and a scientist on site and is actively evaluating the techniques used for drilling to reduce drilling costs and frequency of drilling incidents. Forking or side-tracking of existing wells has achieved production earlier and at less expense than drilling new wells.

Under SKM’s direction, the Company commenced the re-drill of well SJ 12-1 ST1 (a sidetrack recovery of the SJ12-1 well) in February 2011. The well was completed in March 2011 to a depth of 8,544 ft., and upon completion was immediately evaluated with an injection test designed to determine permeability. A standard three-step injectivity test was conducted by pumping water to depth in the well at high rates for an extended period of injection. The injectivity index which measured 20 t/h/bar indicates moderate to good permeability for the well. Typically wells with similar injectivity index measurements drilled at San Jacinto-Tizate are commercial producers and SKM estimates that the capacity of the well is expected to be in the 5 – 10 MW range. After a heat up period, a long-term flow test which involves the connection of well SJ12-1 ST1 to a test separator will be performed and the results will be certified according to the project lenders protocols in May 2011 by GeothermEx, Inc.

The Company completed the initial drilling of SJ 12-2 in January 2011. The well was drilled to a depth of 7,532 ft. at which point a drill rig power failure resulted in the drill string becoming stuck in the well. At that time the well was experiencing a total loss of circulation of drilling fluids which provided an indication of high permeability. After several attempts to free and retrieve the drill string, the drill string was severed at a depth of 7,228 ft. After four days of initial flow testing, despite having 276 ft. of stuck drilling apparatus at the bottom, the well produced separated steam at a rate of 31 t/hr at design pressures for the turbine inlet with production from a down hole zone that exceeded 510°F. These initial results confirmed that well SJ12-2 will be a production well with an estimated capacity of about 4 MW. In order to maximize the potential production from this well, the Company plans to fork SJ12-2 while retaining this initial productive leg of the well. Drilling of the SJ12-2 fork will commence by the end of this month and completion of the drilling is expected in May 2011.

The San Jacinto-Tizate exploration drilling program is focused on developing the geothermal resources needed for the phased power plant expansion designed to increase production from the current 10 MW to 72 MW. Currently, the Company has 60 MW of certified resource in San Jacinto-Tizate. With the successful re-drill of SJ 12-1 ST1, the flow test results and subsequent fork of SJ 12-2, and the planned acid wash of well SJ 9-3 (currently certified at 4.8MW) the Company anticipates these three wells will increase the certified resource capacity by 12 to 25MW.

Greg Ussher, Geophysicist, Manager Generation Clients at SKM, stated that, “Our team is very pleased to again be working with the Ram Power team on the San Jacinto geothermal project. It is encouraging to have early indications of success with both SJ12-1 ST1 and SJ12-2, which gives us confidence for the on-going production and reinjection drilling program.”

Walt Higgins, interim President and CEO of Ram Power, stated, “We are extremely pleased with these results. The addition of SKM, combined with the Company’s strategic change in the drilling program has produced positive results and we look forward to our continued working relationship with SKM.”

 

Source: ThinkGeoEnergy.com

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Mar 28, 2011

CanGEA AGM: Deadline for Voting Documents is Wednesday

Announcement from CanGEA:

CanGEA Members,

The Canadian Geothermal Energy Association (CanGEA) will be hosting their 2011 AGM on Friday, April 1st, 2011 at 11 AM MST. As CanGEA members you have the opportunity to vote on the selection of an auditor, proposed by-law changes, and select nominated Directors for the CanGEA Board. The AGM will be held online as a Webinar (login information is provided below).

As the event is being held “online” as a webinar, we ask that you please submit your voting document to brian(at)cangea.ca no later than 5 PM MST on Wednesday, March 30th, 2011. Your vote will be cast at the April 1st, 2011 AGM as a proxy vote by the Board Secretary, Brian Toohey. CanGEA will also be reviewing eligible voting members on March 31st, 2011 in accordance with current CanGEA by-laws.

If you have any questions regarding the AGM, or Voting Document, please contact brian(at)cangea.ca

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Mar 23, 2011

2011 Federal Budget Invests in New Clean Energy Technology Initiatives says CanGEA

The Canadian clean energy technology sector will benefit from the inclusion of new clean energy technology initiatives in the 2011 Federal Budget released yesterday.

“Some of the elements of yesterday’s federal budget are positive for development of geothermal energy projects in the country, and we were encouraged by the allocation of funds to research environmentally-friendly energy technologies.  CanGEA urges the federal government to go one step further and establish a national program for geothermal energy that could unlock more than 5,000 MW of geothermal power potential in Canada, which would provide Canadians clean and renewable energy that is available around the clock,” commented Alexander Richter, Director of CanGEA.

In the 2011 federal budget, the Government of Canada included the following commitments that have implications for geothermal energy projects in the country:

• Renewed funding of $97 million for technology and innovation in the areas of clean energy and energy efficiency

• $8 million in funding for the promotion of deployment of clean energy technologies in Aboriginal and Northern communities

• $40 million allocated as part of the Sustainable Development Technology Canada (SDTC) program to support the development and demonstration of new clean technology projects on a not-for-profit basis.

• Expansion of tax support for clean energy generation through the provision of an accelerated capital cost allowance rate.

 

The SDTC program’s ‘new technology’ requirement limits the eligibility of the majority of geothermal projects today, but could help some projects to get off the ground. CanGEA members are currently developing 8 geothermal projects in British Columbia, Alberta, the Northwest Territories and Saskatchewan that could benefit from funds made available in this budget. 

Geothermal energy, as a renewable energy source, not only provides a clean and renewable option for electricity generation around the clock, but also efficient and competitive heating options for Canadians all over Canada. 

With the expected resource potential of Canada, electricity generated by geothermal energy could replace approximately 10 nuclear power plants and provide up to 10% of Canada’s total electricity generation as of today. It could provide more than 9,000 permanent jobs and approximately 30,000 temporary manufacturing and construction employment.

 

For more information contact: 

Alexander Richter, CanGEA Director, 
.(JavaScript must be enabled to view this email address)
Phone: (011) 354 618 5304
Website: http://www.cangea.ca

About the Canadian Geothermal Energy Association (CanGEA)

CanGEA is the collective voice of Canada's geothermal energy industry. As a non-profit industry association, CanGEA represents the interests of our member companies with the primary goal of unlocking the country's tremendous geothermal energy potential. Geothermal energy can provide competitively priced, renewable, round-the-clock energy to the Canadian and U.S. markets

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Mar 21, 2011

Final Call for Papers: CanGEA Invites Members to Submit Papers to the Geothermal Forum at the WPC

The Canadian Geothermal Energy Association (CanGEA), invites its members to participate in the Geothermal Session Forum at the 2011 World Petroleum Congress, December 4th - 8th, 2011, in Doha, Qatar. 

CanGEA chair, Alison Thompson, has been selected as the Geothermal Forum Chair for the event. The Geothermal Session Forum will focus on geothermal power development as it continues to increase in importance in the international energy market " This is a great opportunity for our member companies to communicate their expertise and interest in geothermal at the world’s most important petroleum conference.  This year, the WPC puts extra focus on complimentary energy sources and future energy and there are places to be awarded to the best papers and posters.  Over 5000 delegates will be attending this monumental cross-industry event,  so it is an important platform for the geothermal industry players to take part in. " said Alexander Richter, Director CanGEA.

In order to participate in the Forum, a 300 word abstract must be submitted by March 31st, 2011. Abstracts will be reviewed by Forum Chair, Alison Thompson. For more information, and to submit your abstract online, please visit the 20th WPC website 

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Mar 18, 2011

Last Business Day for CanGEA 2011 Board Nomination

 

Reminder to send in board nominations for 2011

On March 11th, CanGEA announces the 2011 Annual General Meeting, which will be held April 1, 2011. Nominations for the 2011 CanGEA Board of Directors will close March 20, 2011. Please send your nominations to .(JavaScript must be enabled to view this email address)

After all nominations are received voting will commence and all voting forms must be received by March 30, 2011 at the end of business day Pacific Standard Time

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Mar 16, 2011

Call for Expression of Interest: Development of 800MW Geothermal Plant in Kenya

Geothermal Company Limited call for expressions of interest in Bogoria-Silali block phase 1. Development of 800 MW geothermal plants.

1. Introduction
Geothermal Development Company Limited (GDC) is a 100% state-owned corporation, tasked with accelerating development of geothermal resources in Kenya. GDC is supporting development of at least 10,000MW by 2030 in line with Vision 2030 targets.

GDC is undertaking steam field development in the Bogoria-Silali Block which comprises Bogoria, Baringo, Arus, Korosi, Chepchuk, Paka and Silali prospects. Detailed surface studies estimates the Block’s potential to be about 3000 MW. The current plan is to develop 2000 MW within this Block in four phases; Phase I- 800 MW by 2017, Phase II-400 MW by 2019, Phase III-400 MW by 2021 and Phase IV-400 MW by 2023.

2. Status and Electricity Demand
The current peak power demand stands at about 1,200 MW and is projected to grow by 10% to at least 17,000 MW over the next 20 years.

3. Project Development Plan
The 800MW Bogoria-Silali Phase I Geothermal Project in configurations of 8x100MW power plants is projected to be completed by 2017. A total of 200 wells will be drilled using 8 rigs starting in January, 2012.

4. Project Status
Detailed surface studies have been completed and acquisition of regulatory licenses is in progress. Infrastructural development will start from July, 2011.

5. Objective of EoI
GDC intends to short list potential investors to develop 8x100MW power plant units at its Bogoria-Silali Block.

6. Investment Scope

6.1 GDC
Under this project, GDC will undertake Resource Development and Management Covering the Development of Civil Infrastructure, Exploration and Appraisal Drilling, Feasibility Studies, Production Drilling, Reservoir, Condensate and Brine System Management.

6.2 Investors
The Investors role will include financing, design, construction, operation and maintenance of the power plants. In addition, subject to positive feasibility study, GDC will require the selected investors to partner in financing the steam development. Funds obtained from the investors, on terms and conditions to be agreed, will be a loan to GDC which will be repaid from steam sales revenues. While steam field is under development, the investor will have the opportunity to install wellhead generation units for early power generation. The Government of Kenya will not provide sovereign guarantees relating to this investment and therefore the investors should seek other alternatives such as MIGA (World Bank)

 

7. Bidding Timeline
This Expression of interest will result in short listing of interested investors who will be invited to submit proposals. It is expected that the short listing will be completed by September, 2011 followed by request for detailed proposal. The Selection of preferred investors will be completed by December, 2012. The award to the preferred investors will be subject to the investor successfully negotiating a Power Purchase Agreement (PPA) with Kenya Power and Lighting Company Limited (power off-taker), securing a generation license from the Energy Regulatory Commission, conclude a steam (fuel) supply agreement with GDC, obtain ESIA license for power generation from NEMA and conclude financing within ONE (1) YEAR from December 2012. A period of 30 months will be provided for power plant construction.

8. Evaluation Criteria
Interested Investor(s)/Consortium must provide information indicating that they are qualified to successfully undertake the envisioned development. Short listing of Investor(s)/Consortium will be based on the following:

i. Capability to mobilize adequate financing for the power plant. The expected capital structure for the power plants is at least 25% equity and 75% debt. The interested investor(s)/consortia shall establish that they have the capability to raise at least US$ 400 million for the development of each 100 MW supported by letters from credible financier(s).

ii. Certified copies of audited annual reports for the last five years, articles and memorandum of association and certificate of incorporation will be required.

iii. Evidence of experience in geothermal/thermal project implementation with at least one project of a size not less than 30 MW implemented in the last 10 years.

iv. A list and CV’s of the consultants/ contractors they propose to employ for the development including names of their lead project managers within their organizations, contractors and consultants.

v. A list of names, location, current power plant(s) status and size of geothermal/thermal projects undertaken by themselves or their proposed consultants and contractors in the last 10 years including indicative project costs.

iv. Declaration of all pending litigation(s) against the investor(s)/consortia which shall in total not represent more than 10%, (ten percent) of the investor(s)/consortia’s net worth.

Interested investors may request in writing for further information and clarifications on this matter at the following address:

 

Mr. Abraham K. Saat
Manager, Supply Chain
Geothermal Development Company Limited
Taj Tower, 9th Floor, Upper Hill Road, Upper Hill
P.O. Box 100746 – 00101
NAIROBI,
KENYA
E-mail: .(JavaScript must be enabled to view this email address) and copy to .(JavaScript must be enabled to view this email address) 
Tel: + 254 (20) 2427516 or +254 (719) 036000 

Any updates on this EOI will be posted on the GDC website

9. Submission of Expressions of Interest

One (1) Original and two (2) Copies, of Expressions of Interest in English and in a sealed envelope, superscribed “Expressions of Interest, - Bogoria – Silali Block Phase I: Development of 800 MW Geothermal Power Plants” and bearing the address below, must be deposited in the Tender Box on the 1st Floor, GDC Riverside Office, Riverside Drive, Nairobi no later than 14:00hrs on August 8th, 2011. All late submissions will be rejected.

The Managing Director & CEO
Geothermal Development Company Limited
Taj Tower, 9th Floor, Upper Hill Road, Upper Hill
P.O. Box 100746 – 00101
NAIROBI, KENYA
E-mail: .(JavaScript must be enabled to view this email address) 

GDC reserves the right to reject any or all Expressions of Interest without engaging any investor whatsoever.

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Mar 15, 2011

Ormat Signs Power Purchase Agreement with NV Energy

Ormat Signs Power Purchase Agreement with NV Energy Under 20-Year Agreement, Northern Nevada Geothermal Power Plant to Supply 30MW

(RENO, Nev.) March 15, 2011 – Ormat Technologies, Inc. (NYSE: ORA) announced today that it signed a 20-year power purchase agreement (PPA) with NV Energy to purchase 30 MW of clean, renewable energy generated from the Dixie Meadows geothermal project. Ormat is currently in the exploration phase of the Dixie Meadows development project, which is located in Churchill County, Nev. The PPA has been submitted for approval to the Public Utilities Commission of Nevada.

Upon successful development, the Dixie Meadows geothermal project will further increase the 127 MW that Ormat is currently operating in the state and approximately 90 MW that are in construction. If the Dixie Meadows project reaches completion by the end of 2013, it would also be eligible for an ITC cash grant.

“This is another step in our long cooperation with NV Energy to provide clean and reliable renewable energy to northern Nevada,” said Yoram Bronicki, president and chief operating officer of Ormat. “The exploration efforts in Dixie Meadows are an investment in the development of the rural areas in the state and a successful project will have a positive economic impact through its contract life.”

Michael Yackira, president and chief executive officer of NV Energy, said “We are pleased to be working with Ormat on this project and to be taking another step forward in utilizing Nevada’s abundant geothermal resources for the benefit of our customers and for the environment.”

For further information contact Ormat

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Mar 11, 2011

Announcement of AGM; Call for Board Member Nominations

CanGEA is pleased to announce the 2011 Annual General Meeting, which will be held April 1, 2011. Nominations for the 2011 CanGEA Board of Directors are now open and will close March 20, 2011. Please send your nominations to .(JavaScript must be enabled to view this email address)

After all nominations are received voting will commence and all voting forms must be received by March 30, 2011 at the end of business day Pacific Standard Time.

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Mar 10, 2011

Capricorn Announces Caldera Geothermal Inc.‘s Appointment of Zohrab Mawani as CEO

Capricorn Business Acquisitions Inc. (TSX Venture: CAK.P, “Capricorn”) is pleased to announce that Mr. Zohrab Mawani has been appointed as the Chief Executive Officer of Caldera Geothermal Inc. (“Caldera”), effective February 14, 2011. Mr. Mawani has been a director of Caldera since December 2010. Capricorn has signed a binding letter of intent to complete a Qualifying Transaction (the "Qualifying Transaction") with Caldera as most recently disclosed in Capricorn's press release dated December 9, 2010. It is proposed that, on completion of the Qualifying Transaction, Mr. Mawani will assume the position of Chief Executive Officer of Capricorn (subject to the approval of TSX Venture Exchange).

Since 2002, Mr. Mawani has been active in development and M&A for wind, solar, geothermal, biomass and hydro. From November 2009 to January 2011, he led Canadian business development activities in renewable energy for Samsung C&T where his focus was the implementation of the 2,500 MW Green Energy Investment Agreement between the Government of Ontario, Samsung C&T and Korea Electric Power Corporation. Mr. Mawani’s role included strategy, acquisitions, Greenfield development, equipment supply and power purchase agreement negotiations, as well as government relations.

Previously, Mr. Mawani held a management position with GDF SUEZ North America from 2004 to 2009. Mr. Mawani played a key role in the development of several utility scale wind farms in Canada. Three of these are now in operation and the West Cape Wind Farm (99 MW), in early 2007, became the first Canadian wind energy facility to export power to the United States. Mr. Mawani was instrumental in the growth of Ventus Energy, a Canadian junior wind development company, and the subsequent sale of the company in 2007 to GDF SUEZ for approximately $140 Million. Mr. Mawani is a professional geoscientist registered with the Association of Professional Geoscientists of Ontario. Mr. Mawani completed an honors bachelor of science degree at Queen’s University in 1994 and studied Geographic Information Systems at the British Columbia Institute of Technology in 1995. "I am very excited to join Caldera at this stage of the company’s growth,” said Mr. Mawani. “Caldera’s technical expertise and expanding project opportunities, in particular McGee Mountain, will contribute to this growth and I look forward to leading the company in its objective of advancing its pipeline of geothermal projects to operation.”

Lewis Reford, Chairman of Caldera, commented: "We are delighted that Mr. Mawani is joining the company, especially as Caldera is at an inflection point in terms of its project development and its capital markets profile. Mr. Mawani brings exceptional experience and expertise in taking early stage renewable energy projects through to the production stage in addition to navigating the complexities of corporate business development, joint ventures and the like. The geothermal industry has entered a phase where joint venturing and asset monetization is becoming more mainstream, and the Board is confident that Mr. Mawani’s skillset is ideally suited to position Caldera in the middle of this considerable activity ."

Michael Newman will be retiring as Caldera's CEO, and will remain as a director of Caldera. Lewis Reford stated: “We wish to thank Michael for his invaluable leadership over the past year. He was instrumental in the company’s growth and I know he will continue to play an important and active part in the company through his role on the board.”

About Caldera Geothermal Inc.
Caldera is a geothermal exploration and development company focused on the Great Basin region of the western United States. The Great Basin is attractive for geothermal development because it possesses proven geothermal resources, it is close to large markets for renewable power, and it benefits from a favourable regulatory environment. Caldera uses an innovative exploration approach to discover new geothermal systems while mitigating technical and financial risk in the early and middle phases of resource identification. Caldera currently controls approximately 20,000 acres of geothermal leases in Nevada including its McGee Mountain project in northwestern Nevada, for which Caldera was awarded a $1.6 million Department of Energy grant to further develop the property, and its Teels Marsh property.

About Capricorn Business Acquisitions Inc.
Capricorn is a TSX Venture Exchange listed company and classified as a Capital Pool Corporation as defined in the TSX Venture Exchange Policy 2.4. Capricorn’s principal business is the identification and evaluation of assets or businesses with a view to completing a Qualifying Transaction within the meaning of Exchange policies.

For further information, please contact:
Capricorn Business Acquisitions Inc.
Yvan Routhier President and Director
(514) 352‐5546
.(JavaScript must be enabled to view this email address)

Caldera Geothermal Inc.
Zohrab Mawani
Chief Executive Officer
(416) 557‐6922
.(JavaScript must be enabled to view this email address)

Source: Caldera Geothermal Inc.

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Mar 09, 2011

Ram Power, Corp. Announces the Addition of Jim Lawless to Its Board of Directors

RENO, NV--(Marketwire - March 7, 2011) - Ram Power, Corp. (TSX: RPG) ("Ram Power" or the "Company"), a leading renewable energy company focused on the development, production and sale of electricity from geothermal energy, is pleased to announce that Jim Lawless has joined its Board of Directors effective Monday, March 7, 2011. The appointment fills a vacancy on the Company's Board.

Mr. Lawless brings 30 years of experience in geology and the geothermal industry to the Company's Board, including serving as Geothermal Resources Practice Leader for Sinclair Knight Merz Pty Ltd. ("SKM"), a leading global consulting firm in the geothermal industry. He earned a Master of Science from the University of Waikato in geology and volcanology related to geothermal exploration, resource evaluation and development. In addition, Mr. Lawless has extensive experience with the Company's San Jacinto-Tizate power project in Nicaragua. As Geothermal Resources Practice Leader at SKM, Mr. Lawless was responsible for the technical direction and quality on all of SKM's geothermal resource projects, including overseeing the successful drilling of wells capable of producing 56MW net at San Jacinto-Tizate. 

Antony Mitchell, Executive Chairman of Ram Power, stated, "Jim brings an incredible wealth of geothermal knowledge to Ram Power from his broad experience in the industry. He is a recognized expert in the geothermal field and has intimate knowledge of our San Jacinto-Tizate power project from his work with SKM. We are both excited and honored that he has agreed to join our Board."

 

About Ram Power

Ram Power is a renewable energy company based in Reno, Nevada, engaged in the business of acquiring, exploring, developing, and operating geothermal properties. Ram Power has an interest in geothermal projects, primarily in the United States, Canada, and Latin America.

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 not to 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.

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Mar 08, 2011

Canadian Government Announces Green Energy Funds

March 8th, 2011- In an announcement last week the Federal Government of Canada announced that "it will spend up to $63.8 million for clean and renewable energy projects across the country that it says will help reduce the country’s greenhouse gas emissions."

While there is no mentioning of geothermal in the announcement one can only hope that part of that money is available to geothermal energy as an additional and base-load capacity renewable energy technology.

"Minister of Natural Resources Christian Paradis made the announcement during a visit to a company which produces ethanol fuel, just east of Montreal.

He said that the government will pay particular attention to funding projects in Saskatchewan and Nova Scotia.

Among the green projects Paradis said that over the next 10 years, $9.2 million will go to the ecoENERGY for Renewable Power program for the Digby Neck Wind Farm in Nova Scotia.

The project consists of installing 20 windmills capable of producing up to 30 megawatts of electricity. The wind farm will produce about 99 gigawatt-hours of electricity per year, enough to supply 10,000 homes.

The government will also spend up to $2.79 million for a wind storage demonstration project on the territory of the Cowessess First Nations, near Regina."

Source: EcoAction.gc.ca

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Mar 07, 2011

CanGEA Member SNC Lavalin Announces Year-end Results for 2010

Montreal | March 4, 2011, SNC-Lavalin Group Inc. (TSX:SNC) announced its results today for the fourth quarter and the year ended December 31, 2010. 

N.B.: All amounts indicated are in Canadian dollars.

For the fourth quarter 2010, net income increased to $139.2 million ($0.91 per share on a diluted basis), compared to $98.7 million ($0.65 per share on a diluted basis) for the comparable quarter in 2009. This increase mainly reflects higher contributions from the Infrastructure & Environment, Mining & Metallurgy and Other Industries segments, partially offset by a lower contribution from the Chemicals & Petroleum segment. The increase also reflects a net income increase in Infrastructure Concession Investments, which included a net gain after taxes of $26.1 million from the disposal of Valener Inc. shares and Trencap Limited Partnership units in the fourth quarter 2010. 

For the year ended December 31, 2010, net income increased by 21.6% to $437.0 million ($2.87 per share on a diluted basis), compared to $359.4 million ($2.36 per share on a diluted basis) for the same period in 2009. This reflects an 8.9% net income increase when we exclude the above-mentioned net gain from the disposal of two Infrastructure Concession Investments and the after tax gain of $19.6 million from the disposal of certain technology solution assets in August 2010. This 8.9% increase was mainly due to higher contributions from the Infrastructure & Environment and Infrastructure Concession Investments segments. 

Revenues for the fourth quarter of 2010 increased by 19.7% to $1.9 billion compared to $1.6 billion in the fourth quarter of 2009, due to a higher volume of activities in all revenue categories, but particularly in Packages which increased by 29.0%. Revenues for the year were $6.3 billion compared to $6.1 billion for the corresponding period in 2009, mainly reflecting higher revenues from Packages and Infrastructure Concession Investments, partially offset by lower revenues from Services. 

Total revenue backlog for the four categories: Services, Packages, Operations & Maintenance and Infrastructure Concession Investments, remained strong at $13.0 billion at the end of December 2010, compared to $12.7 billion at the end of September 2010 and $10.8 billion at the end of December 2009. 

The above-mentioned backlog of $13.0 billion does not include any fourth quarter 2010 bookings of Libyan projects, such as the $450 million Al Kufra Wellfield contract, or the Company’s backlog of previously booked Libyan projects which amounted to $484 million at year-end. The Company decided to remove these projects as a precautionary measure that will remain in place until the situation is further clarified. 

“I am pleased with what was accomplished in 2010. We signed many new contracts, were awarded two new concessions in Canada and invested in one concession in India, disposed of two non-core Infrastructure Concession Investments and added about 1,200 new employees from business acquisitions, mainly in Colombia. We also increased our net income by 21.6%, continued to build up a strong revenue backlog, and maintained a solid cash position,” said Pierre Duhaime, President and Chief Executive Officer, SNC-Lavalin Group Inc. “Even given recent events, we expect our 2011 net income to be in line with 2010, when we exclude the gains recorded in 2010 from the disposal of the two Infrastructure Concession Investments and from the disposal of certain technology solution assets.” 

The Company’s balance sheet position remained strong with cash and cash equivalents totalling $1.3 billion as at December 31, 2010. 

The Company’s return on average shareholders’ equity was 27.4% for the 12-month period ended December 31, 2010, in line with last year. 

Considering the Company’s results and outlook, the Board of Directors has increased the quarterly cash dividend by 23.5% to $0.21 per share, payable on April 1, 2011 to shareholders of record on March 18, 2011. This represents the tenth consecutive year that the Company’s dividend paid per share has been increased. This dividend is an “eligible dividend” for income tax purposes. 

SNC-Lavalin (TSX:SNC) is one of the leading engineering and construction groups in the world and a major player in the ownership of infrastructure, and in the provision of operations and maintenance services. SNC-Lavalin has offices across Canada and in over 35 other countries around the world, and is currently working in some 100 countries. In business since 1911, the Company celebrates its 100th anniversary in 2011. 

 

Media Contact
Leslie Quinton
Vice-President, Global Corporate Communications
SNC-Lavalin Group Inc.
SNC-Lavalin Inc.
514-393-8000 x7354
.(JavaScript must be enabled to view this email address)

Investors
Denis Jasmin
Vice-President, Investor Relations
SNC-Lavalin Group Inc.
SNC-Lavalin Inc.
514-393-8000 x7553
.(JavaScript must be enabled to view this email address)

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Mar 07, 2011

Magma Energy Corp and Plutonic Power Corporation to Merge and Create Alterra Power Corp

VANCOUVER, March 7 /CNW/ - Magma Energy Corp (TSX:MXY) and Plutonic Power Corporation (TSX:PCC) today announced that they have entered into an arrangement agreement (the "Arrangement Agreement") to merge and create Alterra Power Corp. ("Alterra"), a leading renewable power producer, with a post-deal market capitalization of approximately $575 million.

Under the terms of the Arrangement Agreement, each Plutonic shareholder will receive 2.38 shares of Magma for each Plutonic share held, and Magma will change its name to Alterra. The exchange ratio represents a premium to Plutonic shareholders of 32% over Plutonic's 20 day weighted average share price on the Toronto Stock Exchange. At the conclusion of the merger there will be 470 million shares of Alterra issued and outstanding and 487 million shares on a fully diluted basis.

Merged Entity Highlights
 -  Solid base of producing assets in three key renewable energy sectors: 
Geothermal, hydro and wind. Six operating plants in three locations: two geothermal plants in Iceland and one in Nevada; two hydro plants in British Columbia; one wind farm in British Columbia; and an option on one solar project in Ontario.

 -  Increased production capacity:
2011 production capacity of 198 megawatts generating 1,340 gigawatt hours/year from Magma's geothermal assets and 168 megawatts generating 460 gigawatt hours/year from
Plutonic's hydro and wind assets.

 -  Significant immediate increase in cash flow generation to both companies.

 -  Strong growth platform in geothermal, wind and hydro sectors: 
Near-term growth in Iceland and Nevada geothermal production; near-term growth prospects in British Columbia hydro and wind assets and Ontario solar assets; significant large long-term growth prospects in Chile, Peru, Nevada and Iceland geothermal assets and British Columbia hydro assets.

 -  Shared commitment to social responsibility:
Both Magma and Plutonic recognize a commitment to social responsibility and sustainable development of renewable energy projects. The shared values and experience in this area will be a competitive advantage in creating long term value for shareholders and the communities in which Alterra operates.

 -  Complementary management teams:
Magma's and Plutonic's highly regarded management teams blend renewable energy exploration, development,financing and operations skill sets.

 -  Significant administration synergies: Estimated at $2.2 million per year.

 -  Financial support:
Magma to provide short term financial support to Plutonic by subscribing for a $10 million convertible debenture.

Ross Beaty, Magma's Chairman and CEO commented, "This merger will strengthen both companies and will create a larger, more diversified renewable energy company with assets across a broader spectrum of the clean energy industry. It has the potential to lower the cost of capital to develop each company's existing growth assets, to enable those assets to be developed more quickly, and to better attract new opportunities for future development. Geothermal will remain a core focus of the new company, but hydro, wind and solar assets will be solid business platforms for future growth. In the renewable energy business, bigger is better and this combination will achieve that while enhancing returns to each company's shareholders."

Donald McInnes, Plutonic's Vice-Chairman and CEO said, "2010 was a breakout year for Plutonic having completed the transition into an operating company. To continue to build on the success of our history as a project developer, a merger with Magma will provide our shareholders with the best path to further value creation achieved through a larger market size, greater liquidity, better access to capital, and diversity of geography and technology with a healthy development pipeline that provides significant growth opportunities."

Alterra Management Team and Board of Directors

Ross Beaty will be the Executive Chairman and CEO and Donald McInnes will be Executive Vice-Chairman. Bruce Ripley will be Chief Operating Officer and John Carson will be Executive Vice President.

The Board will initially be comprised of the following seven directors:

    Ross Beaty

    Donald McInnes

    David Cornhill

    David O'Brien

    Donald Shumka

    Paul Sweeney

    Walter Segsworth

    

Transaction Summary

The proposed merger will be effected by way of a plan of arrangement under the Business Corporations Act (British Columbia). Each Plutonic shareholder will receive 2.38 shares of Magma for each Plutonic share held. All outstanding options to purchase Plutonic shares will be exchanged for options to purchase common shares of Alterra in accordance with the same exchange ratio.

Completion of the merger is conditional on approval of Magma and Plutonic shareholders at special meetings expected to be held in late April 2011, and satisfaction of other customary approvals, including regulatory, stock exchange and court approvals.

The Arrangement Agreement contains standard deal protections, including a commitment by Plutonic not to solicit alternative transactions, a ten business day right for Magma to match any superior proposal received by Plutonic and payment by Plutonic to Magma of a termination fee of $5.7 million if the transaction is not completed in specified circumstances.

Magma has subscribed for a $10 million unsecured convertible debenture from Plutonic. These proceeds will be used by Plutonic to fund working capital and repayment of a $8 million promissory note held by GE Energy Financial Services Holding Company. The convertible debenture bears interest at the rate of 8% per annum on drawn amounts, will mature on August 31, 2011 and will be convertible into Plutonic shares at any time at the option of Magma at a conversion price of $2.90 per Plutonic share. In certain circumstances, Magma can put any undrawn amount of the convertible debenture to Plutonic prior to conversion.

A full copy of the Arrangement Agreement will be filed by each of Magma and Plutonic with Canadian securities regulatory authorities and will be available at http://www.sedar.com. In addition, a detailed description of the Arrangement Agreement will be included in the joint management information circular which will be mailed to Magma and Plutonic shareholder later this month.

 

Board Recommendations

Both Magma's and Plutonic's boards of directors have determined that the proposed merger is in the best interests of their respective companies and shareholders and recommend that their respective shareholders vote their shares in favour of the merger.

 

Shareholder Support

The largest shareholders of both Magma (Ross Beaty and a charitable foundation, collectively holding 38.7% of Magma's outstanding shares) and Plutonic (Goodman & Company, Investment Counsel Ltd. and 12 of the directors and officers of Plutonic, collectively holding, directly or indirectly, 20.2% of Plutonic's outstanding shares) have executed agreements to vote their shares in favour of the merger.

 

Advisors and Counsel

Magma's financial advisor is Raymond James Ltd. and its legal counsel is Borden Ladner Gervais LLP. Raymond James Ltd. provided an opinion to Magma's board of directors that the transaction is fair, from a financial point of view, to the shareholders of Magma.

The financial advisor to the special committee of Plutonic's board of directors is Cormark Securities Inc. and Plutonic's legal counsel is Miller Thomson LLP. Fasken Martineau LLP acted as counsel to the special committee. Cormark Securities Inc. provided an opinion to Plutonic's board of directors that the consideration to be received pursuant to the transaction is fair, from a financial point of view, to the shareholders of Plutonic.

 

Conference Call and Webcast

Magma and Plutonic will host a joint conference call and webcast at 10 am EST on Monday March 7 for members of the investment community to discuss the merger. Details are as follows:

Date: Monday, March 7, 2011

Time: 10:00 am Eastern Time - 7:00 am Pacific Time

Dial-In Numbers:

North American toll-free number:      1-888-231-8191

Switzerland toll-free number:         0-800-835-354

United Kingdom toll-free number:      0-800-051-7107

Audio Webcast:

A live audio webcast can be accessed at:

http://www.newswire.ca/en/webcast/viewEvent.cgi?eventID=3434200

Playback Available for One Week Following the Call:

North American and International:     1-800-642-1687 / 1-416-849-0833

Replay PIN Number:                    5015 8963

    

About Magma Energy Corp.

Magma Energy Corp. is a geothermal power company which operates, develops, explores and acquires geothermal energy projects. We have an extensive portfolio of properties throughout the western United States, Iceland and Latin America, including one operating power plant in Nevada and two in Iceland. For more information visit http://www.magmaenergycorp.com

About Plutonic Power Corp.

Plutonic Power identifies, develops and operates clean power projects in a safe reliable and efficient manner. Plutonic Power strives to be a leader in clean power. Plutonic's principal operating facilities are the Toba Montrose Hydroelectric Project and the Dokie Wind Farm. These assets are held in partnership with GE Energy Financial Services of which Plutonic is the managing and operating partner. For more information, visit http://www.plutonic.ca

The TSX Exchange does not accept responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking 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, the timing and prospects for Magma shareholder and Plutonic shareholder approval of the merger, the implementation of the merger, the integration of Magma and Plutonic following the merger (including synergies), management's expectations regarding Alterra's production capacity, results of operations, cash flows, revenues and requirements for capital, future demand for and prices of electricity, and Alterra's business prospects and opportunities.

These statements reflect the current views of Magma and Plutonic with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by Magma and Plutonic, are inherently subject to significant business, economic, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause Alterra's actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements contained in this press release, and Magma and Plutonic have made assumptions based on or related to many of these factors. Such factors include, without limitation: fluctuations in currency markets (particularly with respect to the Icelandic Krona, the U.S. dollar and Canadian dollar); risks related to the technological and operational nature of Alterra's business; changes in national or regional governments, legislation, regulation, permitting or taxation; political or economic developments in Canada, the United States, Iceland or other countries where Alterra may carry on business; risks and hazards associated with the business of renewable energy generation; risks relating to the creditworthiness and financial condition of suppliers and other parties which Alterra will deal with; inadequate insurance or inability to obtain insurance to cover these risks and hazards; employee relations; relationships with and claims by local communities and First Nations; availability and costs of equipment and labour; litigation; the success and timely completion of planned expansion and development programs; the growth rate in net electricity consumption; support and demand for renewable energy; government initiatives to support the development of renewable energy generation; the reliability of technical data and capital expenditure estimates; and availability of capital to fund development and expansion programs. 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.

Although Magma and Plutonic have attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. 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, neither Magma nor Plutonic assumes any obligation to update or revise such forward-looking information to reflect new events or circumstances.

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Feb 28, 2011

CanGEA Member U.S. Geothermal Announces $5 Million Financing with Strategic Investors

CanGEA member U.S. Geothermal announces:

Boise, Idaho – February 28, 2011 (NYSE Amex: HTM, TSX: GTH)      U.S. Geothermal Inc. (the “Company”) announces today that it entered  into agreements with a number of strategic investors, pursuant to which they have agreed to acquire, in total, approximately 5,000,000 Units  (a “Unit”) of the Company at a price of $1.00. Each Unit consists of one share of common stock of the Company and one half of one common stock purchase warrant (a “Warrant”). Each Warrant will entitle the holder thereof to acquire one additional share of common stock of the Company for a period of 12 months following the closing of the offering for US$1.075 per share of common stock. The gross proceeds of the Unit offering are expected to be approximately US$5,000,000.  A placement agent fee of 2.5% of the total number of Units is payable in conjunction with the majority of the offering outside of the United States. 

The net proceeds of the offering will be used for general working capital, including exploration, development and expansion of its geothermal properties. 

The offering is scheduled to close on or about March 2, 2011.  The offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange and the NYSE Amex LLC. 

The securities described above are being offered by the Company pursuant to a registration statement filed with the Securities and Exchange Commission (SEC), which became effective on December 1, 2010. A prospectus supplement relating to the offering will be filed with the SEC and will be available on the SEC's website located at http://www.sec.gov. When available, copies of the prospectus supplement and accompanying base prospectus relating to this offering can be obtained at the SEC's website at http://www.sec.gov, by the Company by e-mail to info@usgeothermal.com, by fax to 208-424-1030, or by mail to 1505 Tyrell Lane, Boise, ID 83706, Attention: Chief Financial Officer.  

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. 

About U.S. Geothermal: 
U.S. Geothermal is a renewable energy development company that is operating geothermal power plants at Raft River, Idaho and at the San Emidio Desert in Nevada. The Neal Hot Springs project in eastern Oregon is being developed and is expected to be operational in 2012.  A new, high efficiency power plant is under construction at the San Emidio project which will replace the existing 23 year old plant. U.S. Geothermal holds, through ownership or lease, geothermal rights for six projects; the Raft River project in Idaho, the San Emidio, Granite Ranch, and Gerlach projects in Nevada, the Neal Hot Springs project in Oregon and the El Ceibillo project in Guatemala. 

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)

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Feb 27, 2011

Sir Roy Gardner Appointed as Chairman of CanGEA Member Mainstream Renewable Power

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Feb 24, 2011

U.S. Geothermal Secures $96.8 Million Project Loan for Neal Hot Springs

CanGEA member U.S. Geothermal announces:

BOISE, Idaho - February 24, 2011 (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, today announced the financial closing with the U.S. Department of Energy ("DOE") of a $96.8-million loan guarantee to construct its planned 23-megawatt-net power plant at Neal Hot Springs in Eastern Oregon.

Neal Hot Springs is the first geothermal project to complete 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. The DOE loan guarantee will guarantee a loan from the U.S. Treasury's Federal Financing Bank. The $96.8-million Federal Financing Bank loan represents 75% of total project cost. When combined with the previously announced equity investment by Enbridge Inc., the loan provides 100 percent of the capital remaining to fully construct the project.

"Today's Federal loan guarantee announcement cinches the deal to bring more renewable energy jobs to Eastern Oregon and adds another milestone in Oregon's march back to economic growth," said Senator Ron Wyden of Oregon. "Development of renewable energy is not just a slogan in Oregon, it's a genuine opportunity."

The Neal Hot Springs project will create high-quality American manufacturing and construction jobs through the construction of the power plant, which is being supplied by Houston-based TAS Energy, Inc., a provider of high efficiency modular energy systems. U.S. Geothermal anticipates about 95 percent of the power plant's infrastructure and parts will be supplied by U.S.-based manufacturers. Approximately 150 construction jobs and over a dozen permanent jobs are expected to be created during the project's 18-month construction phase.

"Increasing the number of Pacific Northwest jobs while we increase the renewable energy component of our power portfolio is an outstanding win for our region and our nation," said Rep. Greg Walden, a consistent supporter of U.S. Geothermal's project-development efforts. "The first of hundreds of boots are on the ground in eastern Oregon already and we look forward to completion of this important project."

Idaho Governor C.L. "Butch" Otter said, "This major new development by Idaho-based U.S. Geothermal makes a significant contribution to our Project 60 goal of growing Idaho's gross domestic product to $60 billion and is a shot of good news to our region's economy."

Idaho's largest utility, Idaho Power Company, previously signed a 25-year power purchase agreement with U.S. Geothermal's wholly owned subsidiary, USG Oregon LLC, for up to 25 megawatts of power per year. Beginning in 2012, the base energy price is $96 per MW Hour and escalates annually. The calculated 25-year levelized price is $117.65 per MW hour.

"U.S. Geothermal's consistent supply of base load power - generating and regenerating electricity from underground natural resources - is established as a cornerstone of smart economic development, and we are an energized partner to the country to build out resources that make a difference in our communities," said Daniel Kunz, President and Chief Executive Officer of U.S. Geothermal. "The Department of Energy's renewable-energy programs are making a real difference in the sustainable economic health of our country."

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.

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)

Scott Peyron
Scott Peyron & Associates, Inc.
Tel: 208-388-3800
.(JavaScript must be enabled to view this email address)

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Feb 24, 2011

CanGEA Board Member John McIlveen Highlights the Positive Outlook for the Listed Geothermal Players

In recent interview, CanGEA Board member John McIlveen makes the point of job potential in the renewable energy industry and highlights geothermal energy as a renewable energy source.

He also gives his insight on the political situation regarding renewable energy incentives in the United States that effect developers listed on the Toronto Stock Exchange, such as Magma Energy, Ram Power, Nevada Geothermal Power and U.S. Geothermal.

Referring to the outlook of stock price development for those companies he is actually giving a conservative but positive outlook on the companies' development activities and the significant upside for those companies when they bring their projects online.

For the full article see: PennEnergy

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Feb 23, 2011

Nevada Geothermal Power Inc. Signs Agreement to Purchase IAE’s Geothermal Assets in California

CanGEA member Nevada Geothermal Power Inc. announces:

Vancouver, B.C. (February 23, 2011), Nevada Geothermal Power Inc. (NGP) (TSX.V: NGP, OTCBB: NGLPF) and Iceland America Energy, Inc. (IAE) are pleased to announce that they have signed an agreement giving NGP the exclusive right to purchase a 100 percent ownership of IAE's geothermal assets comprised of the New Truckhaven, East Brawley and South Brawley Projects in the Imperial Valley, Southern California, for US$4,150,000. NGP will pay US$100,000 in cash and the balance in NGP shares having a deemed value of C$0.65. Reykjavik Energy Invest hf, a subsidiary of the City of Reykjavik's geothermal utility Orkuveita Reykjavikur (Iceland), is the majority owner of IAE with a 83.7% interest and will thus become a significant shareholder of NGP. The deal is expected to close by March 31, 2011.

The Imperial Valley is one of the world's premier geothermal areas with highly productive, high temperature geothermal resources occurring over a large area in an active structural belt. Existing power plants operated by Cal Energy and Ormat Inc. have an aggregate capacity of approximately 560 MW. Among other current projects in the region, Energy Source is constructing the Hudson Ranch 49.9 MW geothermal power facility and Ram Power is drilling production test wells at their 50 MW Orita geothermal power project. 

The New Truckhaven and East Brawley properties are advanced stage projects that fit into NGP's business plan focusing on the U.S., expanding geographically and diversifying off-take agreements. NGP believes that a 30-35 MW steam flash or binary power plant can be developed for the low-salinity New Truckhaven resource by the end of 2013 using conventional technology. At East Brawley, commercial productivity has been demonstrated in several deep wells. Ram Power's current drilling program is sited immediately north of NGP's to be acquired East Brawley leases. NGP will commence work for power plant scoping studies, well permits, transmission line access and water supply for both the New Truckhaven and East Brawley projects. 

New Truckhaven

The New Truckhaven property on the west side of the Salton Sea, is comprised of 6267 acres (approximately 10 square miles) of Federal and private geothermal leases covering a broad thermal anomaly identified in 1500-ft deep gradient holes and two deep production test holes. The area is largely undeveloped. It is readily accessible by paved Highway 86 and within a few miles of power transmission lines providing access to the power markets in southern California.

A high-temperature geothermal resource is confirmed in a deep test well to 8000 feet which penetrated valley basin-fill sedimentary units to 6300 feet and granite basement rocks from 6300 feet to Total Depth (TD). The maximum well temperature recorded was 392°F (200°C). Sand units between 3000-6300 feet, overlying the granite basement have formation temperatures of 350-390°F (177-199°C) and are the target geothermal reservoir formations of the NGP/IAE program. Geothermal brine sampled during flow testing showed relatively benign chemistry and low Total Dissolved Solids (TDS = 3900 ppm) in contrast to other deeper Imperial Valley geothermal reservoirs. Geothermometry from geothermal fluid collected during flow tests predicts source temperatures of 380-396°F (193-202°C) in good agreement with measured temperatures. The previously drilled well can be reopened for new production tests at relatively low cost. 

A recent well by Iceland America (IAE Trk-1) penetrated sedimentary units to 6400 feet and granite basement from 6400 feet to total well depth of 7140 feet. Target sand units were intersected between 1900-3300 feet and 5150-6400 feet and temperatures up to 350°F (177°C) were recorded. It is interpreted that the IAE well is on the northern edge of the reservoir and could be used as either a production or an injection well. 

NGP will commence water availability, transmission access, and scoping studies for an initial 30-35 MW power plant, which could be a steam flash plant or a binary plant, as well as work to obtain drilling and flow testing permits. Water is available from local groundwater sources and/or from a shallow artesian aquifer intersected at 625 feet in IAE-Trk-1. NGP has met with the Imperial Valley Irrigation District regarding transmission line access. The Company anticipates starting reservoir drilling in 2011 with a view to completing the project in 2013 in order to qualify for a Federal ITC/Tax grant.

East Brawley

At East Brawley, leases controlled by IAE total 6752 acres (approximately 10.5 square miles) including key leases in the central part of the East Brawley thermal anomaly immediately south of current drilling by Ram Power at the Orita project. Commercial productivity has been demonstrated in several deep wells within the East Brawley geothermal field. Temperatures greater than 500°F (260°C) occur at depths below approximately 10,000 feet. Ram Power released test results from the Orita-2 well, located ½ mile north of the IAE East Brawley property; the well was reportedly tested at 8-10 MW with resource temperatures of 570°F (299°C). 

In 2011, NGP will commence work for well permits and complete geothermal reservoir and power plant scoping studies. 

South Brawley

IAE has a 50% leasehold on 1920 gross acres (three square miles) in the South Brawley Geothermal Area. NGP will determine if a secure land position can be established in the South Brawley Geothermal Area. No physical work is planned in the immediate future.

Brian Fairbank, President and CEO of Nevada Geothermal Power commented, "I believe that NGP, Iceland America and Reykjavik Energy Invest will benefit immensely from the synergies created by this new agreement. The new Imperial Valley projects fit nicely into NGP's business plan and we are looking forward to expeditiously moving these projects ahead." 

Paul Wilson, CEO, Iceland America stated, "This transaction with Nevada Geothermal Power provides a clear path forward for the development of these projects. We are confident that they will bring these projects to production on a timely basis for the benefit of our lessors, the Imperial Valley economy and in support of California's renewable energy targets. We are pleased with the opportunity to work with the talented team at NGP." 

"We are very pleased with the transaction and the prospects it has for geothermal utilization in California. We are looking forward to providing NGP with access to Reykjavik Energy's experience and expertise in developing and operating geothermal installations," said Helgi Thor Ingason, CEO of Reykjavik Energy and REI COB.

MDB Capital Group, LLC is acting as independent advisor to IAE in the transaction. The agreement is subject to regulatory approval.

For more information contact Nevada Geothermal Power Inc.

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) 

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Feb 23, 2011

Ormat Reports Financial Results

CanGEA Member Ormat Announces:

RENO, Nevada, February 22, 2011 -- Ormat Technologies, Inc. (NYSE: ORA) today announced financial results for the fourth quarter and full year ended December 31, 2010.

The highlights for the year and recent development:

• 15.5% increase in Electricity Segment revenues;
• Annual net income of $37.2 million, or $0.82 per share;
• Completed the 15 MW Jersey Valley Plant in Northern Nevada and the 8 MW Puna expansion;
• Raised approximately $250 million in debt offering; 
• Refinanced $24.9 million in tax equity transaction for OPC power plants;
• Increased land position to 343,000 acres; 
• Acquired the balance of the Mammoth complex; and
 • Continued progress in greenfield development sites.

Commenting on the results, Dita Bronicki, Chief Executive Officer of Ormat, stated: “The significant resources we have invested in the acquisition, exploration and development of new leases, as well as project enhancements, are reflected in the steady growth of our total generation. This positively impacted revenue in our Electricity Segment, which reached $291.8 million, a 15.5% increase over last year. We currently have ten projects in various stages of construction and development that we expect will add significantly to our generation and top-line growth through 2013.”

“Looking to the longer-term, we continue to search for new geothermal fields while keeping a careful eye on value. Lease acquisition and greenfield development remain key to our long-term objectives, and are supported by our ability to raise attractive financing. Our land portfolio totals over 343,000 acres and we have 15 projects in various stages of exploration. We raised approximately $250 million in a bond offering and we will continue to pursue the benefits of the stimulus ARRA where eligible. In our product business we see some results from our marketing efforts with new orders added to our backlog and are optimistic that some of current negotiations will mature into additional orders in the near future.”

“The low output and high costs of North Brawley materially impacted our results in 2010. However, we expect to see improvement, both in terms of revenue and costs towards the end of 2011. North Brawley capacity was recently increased to approximately 30 MW following the addition of a new injection area and work to increase the output of the power plant will continue in 2011.”

The North Brawley power plant was tested under U.S. GAAP guidance for impairment in the current year due to the low output and the higher than expected operating costs. Based on these indicators we tested North Brawley for recoverability by estimating its future cash flows. The test for recoverability concluded that no impairment existed at December 31, 2010. However, if we will not be able to bring the project capacity to approximately 45 MW and the operating costs to the level of our current projections, we will have to record a material impairment of the investment in the power plant. We are continuously assessing our progress in achieving these objectives.

For full release and Ormat financial summary

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Feb 23, 2011

CanGEA Member Mannvit Announces Commission of 133 MW Geothermal Heating Plant in Iceland

CanGEA Member Mannvit Announces:

133 MW Geothermal Energy Plant Commissioned

The Hellisheidi Geothermal Power Plant, located just outside of Reykjavik, and owned by Orkuveita Reykjavikur (Reykjavik's utility company), is now producing 213 MWe and 133 MWth.  Mannvit, as the mechanical and overall plant designer, is proud to report on the successful commissioning of the plant’s 4th phase, which added a 133 MWth heating plant in December 2010. The heated water from the plant is piped 20 km (12 miles) to storage tanks in Reykjavik, the capital of Iceland, to be used for heating and bathing. The 80°C (176° F) fresh water is heated by the condensed steam coming from the turbines and the water from the steam separators, thus maximizing the use of the heat. The Hellisheidi plant’s purpose is to meet increasing demand for electricity for industry and hot water for space heating in Reykjavik.

One of the world’s largest geothermal plants once completed

Later this year the 5th phase will go online, which will add an additional 90MW of power. Plus, two more heating plant phases of 133 MWth each will also be added to respond to increased heating demand. Once completed, the Hellisheidi plant will become one of the world's largest geothermal plants, with 303 MW installed power capacity and 400 MW for heating, a total of 700 MW. Approximately 50 geothermal wells will support the entire production. Mannvit’s services included project management, overall plant design, environmental impact assessment (EIA), detailed mechanical design of the plant, HVAC and control systems design, bid document preparation and tender evaluation, site supervision, commissioning, acceptance testing and training of operators

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Feb 23, 2011

SNC-Lavalin Joint Venture Awarded Contract for Geothermal Project in New Zealand

CanGEA Member Announces:

Montreal | February 22, 2011

SNC-Lavalin is pleased to announce that Contact Energy (Wellington, NZ) has awarded the McConnell Dowell/SNC-Lavalin/Parsons Brinkerhoff joint venture an engineering, procurement, construction (EPC) contract for the construction of the 166 MW Te Mihi geothermal project. 

Two new geothermal power units of 83 MW each will be constructed near the Wairakei geothermal power station, northwest of Taupo, NZ. Once completed, approximately 45 MW of the existing Wairakei geothermal station will be decommissioned, resulting in a net increase from the combined Te Mihi and Wairakei stations of 114 megawatts. 

“We are pleased to be expanding our experience in the worldwide renewable energy market, and to be working with a leading green energy company like Contact Energy” said Patrick Lamarre, Executive Vice-President, SNC-Lavalin Group. “Geothermal power is playing an increasingly important role in the industry, and our mandate to execute on this contract is a testament of our ability to successfully deliver complex projects all over the world.” 

Contact Managing Director, David Baldwin, says the commitment to Te Mihi reflects the company’s view that geothermal is New Zealand’s most cost effective new base load generation. 

“The additional 114 megawatts is expected to be required by the market by 2013 as economic growth resumes, and will also contribute to lowering Contact’s average cost of generation,” he said. 

SNC-Lavalin (TSX:SNC) is one of the leading engineering and construction groups in the world and a major player in the ownership of infrastructure, and in the provision of operations and maintenance services. SNC-Lavalin has offices across Canada and in over 35 other countries around the world, and is currently working in some 100 countries. In business since 1911, the Company celebrates its 100th anniversary in 2011.

 

Media Contact
Leslie Quinton
Vice-President, Global Corporate Communications
SNC-Lavalin Group Inc.
SNC-Lavalin Inc.
514-393-8000 x7354

Investors
Denis Jasmin
Vice-President, Investor Relations
SNC-Lavalin Group Inc.
SNC-Lavalin Inc.
514-393-8000 x7553

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Feb 18, 2011

Magma Energy Reports Icelandic HS Orka Signs New PPA with Silica Company

CanGEA's member, Magma Energy Corp, announces:

VANCOUVER, Feb. 17 /CNW/ - Magma Energy Corp. (TSX: MXY) announces that its 98.53% owned Icelandic energy subsidiary, HS Orka hf, has today signed a power purchase agreement committing the sale of 30 megawatts of geothermal power to Iceland Silica Corporation ehf., "ISC", for the period May 1, 2013 to December 31, 2015. Iceland Silica is developing a new silica metal production plant at Helguvik, Iceland, about 20 km from HS Orka's power plants. HS Orka's 30 megawatts of supply will come from electricity currently being supplied to an Icelandic aluminum smelter under a soon expiring power contract that ties the electricity price to the world aluminum price. The new contract with ISC has no linkage to the aluminum price and will be at a higher base price than the contract it is replacing. HS Orka's supply of power to ISC's new plant will also provide a broader industrial base for Iceland and improve the employment and economic development situation in the vicinity of HS Orka's geothermal power operations.

 

About Magma Energy Corp.
Magma Energy Corp. is a global geothermal power company which operates, develops, explores and acquires geothermal energy projects. We have an extensive portfolio of properties throughout the western United States, Iceland and Latin America, including one operating power plant in Nevada and two in Iceland.

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Feb 16, 2011

Nevada Geothermal Power Inc. Named as Part of 2011 TSX Venture 50

CanGEA's member, Nevada Geothermal Power Inc., announces:

Vancouver, B.C. (February 16, 2011) -- TSX Venture Exchange announced yesterday that Nevada Geothermal Power Inc. (NGP) (TSX.V: NGP, OTCBB: NGLPF) has been named as one of the TSX Venture 50, a ranking of strong performers listed on TSX Venture Exchange. 

The 2011 TSX Venture 50 is comprised of ten companies from each of five sectors; Clean Technology, Mining, Oil & Gas, Diversified Industries, and Technology & Life Sciences.

"We are very pleased to be included as part of the TSX Venture 50 for the third time running," said Brian Fairbank, President & CEO, NGP. "Our listing on the TSX Venture Exchange continues to provide us with a valuable environment to meet our financial objectives and goals for further growth."

The 2011 TSX Venture 50 companies were chosen based on the following criteria, with equal weighting assigned to each: share price appreciation, trading volume, market capitalization growth and analyst coverage.

"Our market provides a unique growth opportunity for early stage companies, and we are very pleased to celebrate the success of these issuers," said John McCoach, President, TSX Venture Exchange.

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 North Valley 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.

 

Investor Inquiries:

Ashli Gauvreau 
Nevada Geothermal Power Inc.
Telephone: 604-688-1553 X124
Direct Line: 604-638-5046
Toll Free: 866-688-0808 X124
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.

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Feb 16, 2011

CanGEA to Present Geothermal Options at “Alternative Energy for BC First Nations”,Tomorrow

Calgary, February 16, 2011

Canadian Geothermal Energy Association chair, Ms. Alison Thompson, presents geothermal energy options for First Nations at the BC First Nations gathering in Vancouver, British Columbia on Thursday, February 17, 2011.

This conference–style gathering will join over 300 First Nation leaders, alternative energy trail-blazers, industry specialists and government representatives to examine trends and encourage discussion on practices and policies in BC First Nations' alternative energy development. 

Ms. Alison Thompson, Chair Canadian Geothermal Energy Association, is presenting at the BC First Nations gathering, at the Sheraton Wall Centre, Vancouver February 17, 2011 at 1:00pm (PST). She will also participate in discussion at 3:00pm(PST).

Venue: Sheraton Wall Centre, 1088 Burrard Street, Vancouver, BC, V6Z 2R9

 

For more information contact: 


Alexander Richter

CanGEA Director

.(JavaScript must be enabled to view this email address)

About CanGEA: The Canadian Geothermal Energy Association (CanGEA) is a national, not for profit, industry association that believes its members can provide competitively priced, renewable, base-load energy to Canadians, to U.S. export markets and to the global energy market.  CanGEA works on behalf of its members to facilitate the sustainable growth of the geothermal energy industry and promotes publicly listed companies on the Canadian Exchanges. Website: www.cangea.ca

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Feb 15, 2011

Canada Listed Developers Represent 25% of Geothermal Development in the U.S.

In an industry update on the U.S. Geothermal Energy Industry, Icelandic bank Islandsbanki is looking at geothermal development and the industry in the United States. The report, released last week at the U.S. Geothermal Energy Association's Finance Forum in New York, talks about the Canadian angle in U.S. geothermal development.

The Toronto Stock Exchange has played an important role for attracting financing for geothermal developers, so it is no surprise for Islandsbanki pointing out that about 25% of geothermal power capacity in development in the U.S. today are projects by companies listed on the Toronto Stock Exchange, namely CanGEA members Ram Power, Corp. (TSX: RPG), Magma Energy Corp. (TSX: MXY), Nevada Geothermal Power (TSX-V: NGP), and U.S. Geothermal (TSX: GTH). Other CanGEA members mentioned in the report are Ormat Technologies (NYSE: ORA), Caldera Geothermal, Enbridge Inc. (as partner of U.S. Geothermal), Geothermal, Raser Technologies (OCTBB: RZTI) and drilling firm ThermaSource, Inc.

While 61% of operating geothermal power generation capacity is held by publicly listed companies, 53% of currently planned capacity is developed by listed companies.

With development incentives in the United States, it is not surprising to see that international companies from Canada, Italy and New Zealand are exploring the U.S. market and actively develop projects in the country. Clearly, more favorable legislative incentives in Canada could help spur development in Canada. Canadian companies have the experience and could look at the Canadian market if there would be similar incentives like there are in the U.S.

The report can be downloaded via Islandsbanki's website

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Feb 15, 2011

Nevada Geothermal Power Inc. - Project Status Report

Nevada Geothermal Power Inc., member of the Canadian Geothermal Energy Association, announces: 

VANCOUVER, B.C. (February 14, 2011) -- Nevada Geothermal Power Inc. (NGP) (TSX-V: NGP, OTC-BB: NGLPF) is pleased to update the status of on-going work at the Blue Mountain, Crump Geyser, Pumpernickel and North Valley (formerly Black Warrior) projects.

 

Nevada Geothermal Power Inc. is a geothermal development company operating the 49.5 MW Faulkner 1 power plant at the Blue Mountain Geothermal Site, Humboldt County, Nevada. The Company is focused on growth through further increasing production from its flagship Blue Mountain Property, continuing efforts to lower the cost of debt, and developing its pipeline of existing advanced-stage, geothermal properties. The Company also intends to diversify its off-take agreements and expand geographically through new project acquisitions.

 

Blue Mountain Geothermal Project

Since start-up in the fall of 2009, Faulkner 1 plant output has been increased incrementally from approximately 30 MW (gross) to the current level of approximately 48 MW (gross). The increased production is attributed to further distributing injection fluids into new deep wells 57-15, 58-11 and 91-15 to the north and west of the production area, each having an injection capacity of over 2000 gallons per minute.

 

In late 2010 and early 2011, NGP completed drilling of three injection test wells to the south of the production field (wells 41-27, 86-22 and 34-23). No additional wells are planned in the immediate future. Long term injection tests are being initiated for new test wells 86-22 and 34-23, as well as earlier completed wells 38-14 and 89-11. Reservoir production projections using data from all wells will be used to set future sustainable production levels at the Faulkner 1 plant. The possibility of converting western injectors to producers to increase production capacity will also be assessed.

 

At the same time the Company is assessing a tax assisted financing and a cash grant for additional well field work, with which it may repay the TCW loan further.

 

Blue Mountain Wind Project

NGP will determine the feasibility of developing a wind project to take advantage of wind in Desert Valley adjacent to Blue Mountain, readily available land with excellent road access, existing project infrastructure and excess power line capacity, connecting the site to the power grid. Although the Company's business mandate and primary focus will continue to be on new geothermal power development, it may assess other renewable energy technologies if beneficial, once geothermal power plants are established.

 

NGP has acquired lease options and wind development rights on ten square miles of undeveloped private land in central Desert Valley immediately west of the Blue Mountain Geothermal Project. Two widely-spaced wind measurement towers, SoDAR measuring equipment, data logging and satellite data transmission equipment were installed in January, 2011 to determine wind velocities and other characteristics throughout the next 12 months. If a wind power project sized to be compatible with projected future geothermal development at Blue Mountain is determined to be feasible, it could be developed within the time frame necessary to qualify for a 30% federal ITC/Tax Grant.

 

Crump Geyser Geothermal Project, Oregon

As previously announced (News Release dated November 1, 2010) NGP has signed a 50:50 Joint Venture Letter Agreement with Ormat Nevada Inc. to develop a binary geothermal power plant, up to 30 MW, at Crump Geyser in Oregon. The project is expected to be completed in 2013 and is expected to be eligible for a 30% grant.

 

An initial development test well has been completed to 5000 feet and is undergoing production and injection tests. Ormat, as project manager, is planning the next development phase including adjustments to the temperature gradient and deep slim hole drilling program cost-shared with the Department of Energy.

 

Pumpernickel Geothermal Project

NGP is seeking a partner to expeditiously advance the Pumpernickel project through development drilling, feasibility and construction to enable the project to qualify for the Federal ITC/Tax Grant. Extensive exploration work, including magnetic, resistivity, gravity and seismic surveys and temperature gradient drilling have been completed since acquiring the project in 2004. Three production test wells to measure geothermal reservoir production characteristics and confirm project feasibility are fully permitted. A drill pad and sump have been constructed and 20-inch surface casing has been installed for the initial well 46-4 in December 2010.

 

NGP was awarded a State water license in October 2010 which will enable water cooling for power plant operations. Transmission line interconnection routing and initial inter-connection feasibility studies have been completed and further facilities studies are underway.

 

North Valley Geothermal Project (formerly Black Warrior Geothermal Project)

 

NGP plans to drill a slim well in the central part of the anomaly where geophysical surveys and approximately 20 Phillips Petroleum drill-holes from the early 1980's have outlined a large thermal anomaly with gradients over 200°C/km over 26 km² (10 mi²). NGP is also discussing moving the DOE supported soil gas sampling and deep slim hole drilling program to Pumpernickel or another site.

 

 

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 North Valley 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:

Ashli Gauvreau
Nevada Geothermal Power Inc.
Telephone: 604-688-1553 X124
Direct Line: 604-638-8784
Toll Free: 866-688-0808 X124
Email: .(JavaScript must be enabled to view this email address)

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Feb 15, 2011

Magma Energy Corp Announces 2011 Second Quarter Results

Magma Energy Corp., a member of the Canadian Geothermal Energy Association, announces:

VANCOUVER, Feb. 14 /CNW/ - Magma Energy Corp. (TSX: MXY) today reported its financial and operating results for the second quarter of 2011 ending December  31, 2010.  Highlights of the quarter were:

- Completion of Magma's acquisition of a 98.53% interest in HS Orka.

- Completion of Soda Lake's Phase I expansion, resulting in an increase in annual net output from approximately 60,000 MWh to 84,000 MWh. Magma is now preparing an application for a US    Treasury Grant payment of up to 30% of the eligible project costs.

- Completion of slim-hole drilling program at Mariposa, Chile.

Ross Beaty, Chairman and CEO, commented, "In this second quarter of 2011 we boosted our existing production at Soda Lake, made significant progress on our immediate expansion opportunity in Iceland and completed our slim-hole drilling program at Mariposa with strong results. We are in well-advanced discussions with a group of Icelandic pension funds on the sale of a minority interest in HS Orka, as well as with potential partners for our Mariposa project in Chile. We are looking forward to filing our Energy Grant application for Soda Lake Phase 1 and to continuing Phase 2 of our expansion plans there. At the end of the quarter Magma's overall geothermal power production was 190 MW, our geothermal Indicated Resources were 181 MW and Inferred Resources were 990 MW. We are well-positioned to further advance all of these assets during 2011."

Read full release 

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Feb 14, 2011

Magma Energy Corp. - Second Quarter Results Webcast Tomorrow

Magma Energy Corp., member of CanGEA, announces:  

VANCOUVER, Feb 14 /CNW/ - Notification of Second Quarter Results Webcast:

Magma Energy Corp. (TSX:MXY)

Second Quarter Results Webcast

February 15, 2011, 11:30 AM ET

To listen to this event, please enter http://www.newswire.ca/en/webcast/viewEvent.cgi?eventID=3371940 in your web browser.

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Feb 14, 2011

Ormat’s Subsidiary Signs New PPA in Hawaii

Ormat, member of the Canadian Geothermal Energy Association, announces:

Hilo, Hawaii, February 10, 2011– Hawaii Electric Light Company, Inc. (HELCO) and Ormat Technologies, Inc. (NYSE:ORA) today announced the signing of a Power Purchase Agreement (PPA) to add more renewable energy, with pricing independent of oil prices, to the Hawaii Island grid.

As part of the contract, Ormat Technologies' wholly-owned Puna Geothermal Venture (PGV) agrees to provide an additional eight megawatts (MW) of dispatchable geothermal power at fixed prices for over 20 years, providing a valuable hedge against fluctuating oil prices that benefits Hawaii Island electric customers. PGV, located in the lower Puna district of Hawaii Island, currently provides approximately 30 MW under two contracts.

The PPA is subject to approval by the Hawaii Public Utilities Commission (PUC), with input from the Hawaii Division of Consumer Advocacy. The construction of the power plant is substantially complete and is expected to reach full commercial operation after HELCO completes electric grid modifications by the third quarter of 2011.

“Our continued partnership will help us reach our clean energy goals even sooner,” said Jay Ignacio, Hawaii Electric Light Company president. “With long-term pricing that’s not tied to the price of oil, this contract will help stabilize electricity bills as fuel prices move higher.”

Hawaii Island is a world leader in renewable energy, with more than one-third of the energy supplied to its customers from geothermal, wind, hydro-electric and solar resources. Future renewable energy sources also include biomass as well as the use of sustainable biofuel in existing HELCO generating units.

“This agreement reinforces our commitment to increase our diverse portfolio of renewable energy resources,” Ignacio said.

Puna Geothermal Venture has provided baseload power to the island’s grid since 1993. Ormat, a world leader in geothermal technology, acquired PGV in 2004 and has been continuously investing capital to improve efficiency and environmental controls.

“We have enjoyed a long and successful relationship with HELCO and are grateful for its support of geothermal power. Ormat is committed to providing Hawaii’s market with the best geothermal technology, working with the community and sharing with it the benefits of the new development,” said Yoram Bronicki, president and COO of Ormat Technologies. “The power that the expansion will contribute will be generated from a more efficient utilization of the resource which allows us to reduce the overall cost of power and to provide improved stability to the overall electrical grid of the island.”

About Hawaii Electric Light Company

Hawaii Electric Light Company (HELCO) provides more than one-third of its energy from renewable sources including geothermal, wind, run-of-river hydro, concentrated solar and solar photovoltaic sources. At times, more than half the energy HELCO provides to its 80,000 customers is from renewable sources. HELCO is focused on diversifying its renewable energy portfolio and weaning its dependence on fossil fuels. HELCO continues to move forward with the grid integration of variable generation to support even more renewable energy on all Hawaiian Islands, with the support of the U.S. Department of Energy and its National Labs, the Office of Naval Research, EPRI, NERC, and other utilities. HELCO is a subsidiary of Hawaiian Electric Company, which is owned by Hawaiian Electric Industries (NYSE: HE). The Hawaiian Electric companies are signatories to an energy agreement under the Hawaii Clean Energy Initiative, a statewide effort to obtain 70 percent of the State of Hawaii’s energy for electricity and ground transportation from clean sources by the year 2030.

About Ormat Technologies, Inc.

Ormat Technologies, Inc. is the only vertically-integrated company primarily engaged in the geothermal and recovered energy power business. The Company designs, develops, owns and operates geothermal and recovered energy-based power plants around the world. Additionally, the Company designs, manufactures and sells geothermal and recovered energy power units and other power-generating equipment, and provides related services. The Company has more than four decades of experience in the development of environmentally-sound power, primarily in geothermal and recovered-energy generation. Ormat products and systems are covered by 75 U.S. patents. Ormat has engineered and built power plants, that it currently owns or has supplied to utilities and developers worldwide, totaling approximately 1,300 MW of gross capacity. Ormat’s current generating portfolio includes the following geothermal and recovered energy-based power plants: in the United States - Brady, Brawley, Heber, Mammoth, Ormesa, Puna, Steamboat, OREG 1, OREG 2, OREG 3 and OREG 4; in Guatemala - Zunil and Amatitlan; in Kenya – Olkaria III; and, in Nicaragua - Momotombo.

Ormat’s Safe Harbor Statement

Information provided in this press release may contain statements relating to current expectations, estimates, forecasts and projections about future events that are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally relate to Ormat’s plans, objectives and expectations for future operations and are based upon its management’s current estimates and projections of future results or trends. Actual future results may differ materially from those projected as a result of certain risks and uncertainties. For a discussion of such risks and uncertainties, see “Risk Factors” as described in Ormat Technologies, Inc.’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 8, 2010. These forward-looking statements are made only as of the date hereof, and we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

MEDIA CONTACTS:

Hawaii Electric Light Company (HELCO) Ormat Technologies, Inc.
Jose Dizon Dita Bronicki 
General Manager CEO
(808) 969-0341 (775) 356-9029
.(JavaScript must be enabled to view this email address) .(JavaScript must be enabled to view this email address)

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Feb 10, 2011

Nevada Geothermal Power in Private Press Event at GEA Finance Forum, New York

Listen to Brian Fairbank, President and CEO, Nevada Geothermal Power, participating in Private Press Event at GEA Geothermal Energy Finance Forum 2011.

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Feb 10, 2011

5% of Planned U.S. Capacity by TSX Listed Players

In a report released at a U.S. geothermal energy finance event in New York, Icelandic Íslandsbanki released a report providing an overview on the U.S. geothermal energy industry.

The report highlights the fact that the current operating geothermal power capacity is tightly controlled as the top four operators represent 85% of total capacity installed in the U.S.

For Canada it is interesting to state that By capacity, developers listed on Canada's Toronto Stock Exchange represent about 25% of planned capacity in the United States. This is in particularly interesting in light of the news regarding the merger between the London and Toronto Stock Exchanges.

Looking at operating capacity, the leading companies (in that order) are Calpine, Ormat, Terra-Gen, CalEnergy, NCPA, and Enel North America. Other companies are representing an operating capacity of less than 50MW.

The top developers by capacity in development are (in that order) Ram Power, Gradient Resources (formerly Vulcan Power), Calpine, US Renewables Group, Raser Technologies, Idatherm and Magma Energy. The list then shows player of a total capacity in development of less than 170MW.

The report also highlights that in the next 1-2 years only additional 136MW will come online. Among them the 49.9MW Hudson Ranch project of Energy Source (formerly CHAR), the 35MW Geysers project of Ram Power, Ormat's 15MW Jersey Valley project, 15MW Lightning Dock (Raser), the 12MW extension of Soda Lake (Magma Energy) and the extension by 8MW at Puna (Ormat). Other companies represent small capacities of less than 1MW.

By capacity about 61% of operating capacity is controlled by publicly listed companies. For developers with capacity in development about 53% are publicly listed.

Last but not least the report provides an overview on the international activities by U.S. companies.

The report can be downloaded via Íslandsbanki's website

Source: ThinkGeoEnergy

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Feb 09, 2011

Nevada Geothermal Power Private Press Event at GEA Geothermal Energy Finance Forum 2011 Today

Vancouver, B.C. (February 8, 2011), Nevada Geothermal Power Inc. (NGP)(TSX.V: NGP, OTCBB: NGLPF), announced today that it will present at the Geothermal Energy Association (GEA) Geothermal Energy Finance Forum in New York City as well as take part in a private press event.

WHAT: Join Brian Fairbank, President and CEO, NGP, along with Iceland's President Ólafur Ragnar Grímsson, The Geothermal Energy Association (GEA), Íslandsbanki, Ormat Technologies (NYSE:ORA), at a private press event taking place during the GEA Energy Finance Forum. Esteemed speakers will discuss the benefits of geothermal energy to the American economy, U.S. companies exporting geothermal equipment to foreign countries, how geothermal fared in 2010 and projections for 2011, and new areas where geothermal is being used.

Mr. Fairbank will also be presenting at the event which will bring the finance and investment community of New York City together and provide a tutorial on geothermal energy investment with top experts and major players in geothermal development and finance.

WHEN: Private Press Event: Wednesday, February 9, 2011; 9 a.m. ET
Company Presentation: Wednesday, February 9, 2011; 11 a.m. ET

WHERE: The Ritz-Carlton, Battery Park 
2 West St. New York, NY 10001

DIAL-IN: For the private press event, please call, 800-895-0231 (International: 785-424-1054); Conference ID: 7GEA

For media credentials, please contact Garret Drexler at 646-695-7042 or .(JavaScript must be enabled to view this email address).

Event agenda

Full press release

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Feb 08, 2011

U.S. Geothermal Conference Call Thursday on 2010 3rd Quarter Results

February 7, 2011

 

Conference Call Thursday, February 10, 2011, 

to Discuss U. S. Geothermal’s 2010 3rd Quarter Results 

 

TRADING SYMBOLS:     

In the United States: NYSE Amex: HTM and in Canada: TSX: GTH

 

BOISE, IDAHO –   U.S. Geothermal Inc. (NYSE Amex: HTM, TSX: GTH) will host a

telephone conference call for investors and analysts on Thursday, February 10, 2011 at 10:00

a.m. EDT (8:00 a.m. MDT) to discuss their 3rd Quarter Financials (Oct 1, 2010 – Dec 31, 2010),

which will be filed on February 9, 2011.

 

The conference call may be accessed by dialing (877) 407-8133 in Canada and the United States,

or (201) 689-8040 internationally.  A simultaneous webcast of the conference call will be

provided here

 

About U.S. Geothermal:  

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.

 

FOR ADDITIONAL INFORMATION PLEASE CONTACT:

 

Saf Dhillon - Investor Relations

U.S. Geothermal Inc. 

Tel:  866-687-7059    

Fax:  604-688-9895 

.(JavaScript must be enabled to view this email address)

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Feb 08, 2011

Magma Energy Announces Release Date for 2011 Second Quarter Results

VANCOUVER, Feb. 3 /CNW/ - Magma Energy Corp. (TSX:MXY) today announced that its 2011 second quarter results will be released on Monday, February 14th, 2011 after markets close.  A conference call and live audio webcast to discuss the results will be held on Tuesday, February 15th, 2011 at 11:30 am ET (8:30 am PT).

Fiscal Year 2011 Q2 Results Conference Call and Webcast Information

Date: Tuesday, February 15, 2011
Time: 11:30 am Eastern Time - 8:30 am Pacific Time

Dial-In Numbers:
North American toll-free number: 1-888-231-8191
Switzerland toll-free number: 0-800-835-354  
United Kingdom toll-free number:   0-800-051-7107

Live audio webcast can be accessed here

Playback Available for One Week Following the Call:
North American and International: 1-800-642-1687 / 1-416-849-0833
Replay Pin Number: 3728 8429

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Feb 08, 2011

Ormat Announces Refinancing of $24.9 million in Tax Equity Transaction for OPC Power Plants

RENO, Nevada, February 7, 2011-- Ormat Technologies, Inc. (NYSE: ORA) announced today that its subsidiary, Ormat Nevada Inc. (“Ormat Nevada”) has completed $24.9 million tax equity transaction with JPM Capital Corporation (“JPM”).

JPM acquired from Ormat Nevada 30% of the Class B membership interests in OPC LLC (“OPC”), a Delaware limited liability company. OPC was initially established by Ormat Nevada to hold its Desert Peak 2, Steamboat Hills, Galena 2, and Galena 3 geothermal power plants (all located in Nevada) jointly with Morgan Stanley Geothermal LLC, an affiliate of Morgan Stanley & Co. Incorporated, and Lehman-OPC LLC, as institutional equity investors. Ormat acquired all of Lehman’s Class B membership interests in OPC on October 30, 2009 for a purchase price of $18.5 million and recorded a pre-tax gain of $13.3 million. Ormat Nevada will not record any gain from the acquisition by JPM of its Class B membership interests in OPC.

Dita Bronicki, CEO of Ormat Technologies said: “We are happy about the opportunity to establish long lasting investment relations with sophisticated investors such as JPM in our projects, and appreciate the confidence JPM has in our technology and in our ability to operate geothermal assets in a sustainable manner”.

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Feb 08, 2011

Ormat Technologies Brings the Only Geothermal Power Plant Online in the U.S in 2010

15 MW Jersey Valley Plant in Northern Nevada is commissioned

Reno, Nevada, February 1, 2011 -- Ormat Technologies, Inc. (NYSE: ORA) was successful in bringing its 15 MW Jersey Valley geothermal power plant online. Jersey Valley was the only utility-scale geothermal plant completed in the U.S. this past year, providing additional renewable energy to northern Nevada’s electricity grid. The plant is currently in commissioning, operating at partial load with final completion expected in the second quarter.

“We are proud with the accomplishments of this project,” said Yoram Bronicki, President and Chief Operating Officer of Ormat. “We were able to implement innovative power plant solutions and complete the construction a short time after all permits were granted.”

Located at the northern end of Dixie Valley, Jersey Valley rests along the Pershing-Lander County, Nevada line. Ormat’s power solutions are utilized in the plant design; this includes the Ormat Energy Converter (“OEC”), a power generation unit that converts low, medium and high temperature heat into electrical energy. The electricity being produced is sold to NV Energy under a 20-year power purchase agreement.

The Company’s financial position and financing capabilities enabled Ormat to build this project with equity and corporate debt and plan to refinance it upon completion with DOE guarantee funds. This funding strategy shortened the development time and provided flexibility during construction.

“Advanced techniques and plentiful amounts of data, combined with a motivated team of skilled individuals and proven equipment brought this project to fruition,” Bronicki said. “In addition to providing a new source of renewable energy, the completion of the Jersey Valley project contributes to the success of the geothermal industry as a whole and will provide essential insights for future exploration and development efforts.” 

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Feb 08, 2011

Ram Power Corp announces San Jacinto - Tizate Project update

RENO, NEVADA- (February 7, 2011) – Ram Power, Corp. (TSX: RPG) ("Ram Power" or the “Company”), a leading renewable energy company focused on the development, production and sale of electricity from geothermal energy, announced today the following project and corporate financing updates.

SAN JACINTO – TIZATE PROJECT UPDATE – Phase I and II Construction, Drilling and Financing

The Company continues to make good progress on both the Phase I and Phase II expansions (36 MW each) of the San Jacinto-Tizate power project (the “San Jacinto Project”) to increase the production capacity of the current operating facility from 10 to 72 MW net.  As disclosed previously, the Company has an executed power purchase agreement for the Phase I and Phase II expansions, existing active production and injection wells with sufficient capacity to support the Phase I production increase, and $237 million of debt financing to support the construction of both the Phase I and Phase II expansions. With these essential project components in place, the Company expects that upon completion the project will be a significant driver of future shareholder value.

As of January 31, 2011, Phase I of the San Jacinto Project expansion is approximately 75% completed. The Phase I expansion was originally scheduled to be completed in 18 months with a target commission date of April 2011. However, the project has encountered construction delays and is now expected to be completed in 21 months with a target commission date of July 2011.  As a result of unfavorable variances in some material and labor costs and the construction delays, the project has approximately $15 to $20  million of additional construction costs. The Company expects to contribute $10 to $15 million of additional equity to the project to cover the cost overrun with the balance covered by contingent debt reserves.

Concurrent with the Phase I expansion, the Company commenced construction on the Phase II expansion in 2010. As of January 31, 2011, the Phase II expansion of the San Jacinto Project is approximately 30% completed. The Phase II expansion was originally scheduled to be commissioned in December 2011. As a result of the construction delays in the Phase I expansion, the Company is now projecting a revised commission date of March 2012. As a result of the construction delays, the Phase II expansion has approximately $5 million of additional construction costs (excluding drilling) which will be covered by contingent debt reserves.

Over the past 10 months, the Company’s San Jacinto Phase II exploration drilling program has drilled four wells SJ12-1, SJ9-2, SJ9-3, and SJ12-2. To complete the Phase II drilling plan the Company must increase its current certified resource capacity from 56 MW to 84 MW gross.  To date GeothermEx, Inc. (“GeothermEx”) has certified the production capacity of the SJ 9-3 well to be 4.2 MW based on long-term flow tests.  In their current state of completion, wells SJ 12-1, SJ 9-2 and SJ 12-2 are not capable of sustaining continued commercial operations. To achieve production in wells SJ 12-1 and SJ 12-2, the Company has decided to re-drill both wells. The re-drills are expected to correct the problems encountered in the original drilling and reach the originally planned intersection of deep production zones.  The Company has retained outside consultants to assist in the re-drilling and preliminary probability estimates anticipate the re-drilling of SJ 12-1 and SJ 12-2 to result in 10 MW to 20 MW gross of additional resource capacity.  The Company expects to complete the re-drill of SJ 12-1 and SJ12-2 by the end of March 2011 and May 2011, respectively. Despite well SJ 9-2 having a high bottom hole temperature, the well has not demonstrated enough permeability to sustain commercial flow rates and the Company has been using cold water injection to stimulate the well and increase the permeability. The Company has no future re-drill plans for SJ 9-2. Should additional production wells be required to meet the certified resource requirements, the Company plans to drill an additional well SJ 12-3.   Under the revised Phase II exploration drilling program, the Company is expected to incur approximately $27 million of additional drilling expenses to complete the program.

On November 4, 2010, the Company closed a $160 million debt facility (the “Facility”) to finance the Phase II expansion which consists of $140 million in senior construction and term loans and $20 million in subordinated debt which is available for contingencies and for general corporate purposes.  In addition to customary funding conditions, access to the Facility requires that GeothermEx certify that the steamfield for Phase II is sufficient to achieve production of certain MW levels.    The Company is unable to access the Facility due to the current certified resource capacity of the San Jacinto Project. The minimum production level which must be certified for the San Jacinto Project as a whole to access the Facility is 64.8 MW gross.  Upon certification of this production level, the Company will have access to $70 million of the Facility.  As noted above, the Company currently has approximately 60 MW gross of certified resource capacity.   Access of up to $98 million of the Facility will be available upon certification of the 70 MW gross level, and the Company will have access to approximately $7 million of additional funding under the Facility for each additional 2.4 MW gross of certified resource capacity. In addition, depending upon the MW levels certified, the Company is required to make available equity funding which, together with loans made under the Facility, are sufficient to complete construction of Phase II.  The Company has been funding Phase II construction and drilling with equity which totals approximately $57 million to date.  Additional equity funding required to meet the minimum levels needed to access the Facility will be funded in part from the corporate credit facility described below. As the Company achieves increased certified resource capacity through its drilling program, the Company expects approximately $45 million of its equity investment in Phase II to be returned through borrowings under the Facility.

CORPORATE FINANCING

Given the delay in reaching the resource certification levels necessary to access the Facility for Phase II of the San Jacinto Project, and the projected construction cost overruns in Phase I, the Company has obtained additional interim financing to cover these unexpected cash needs. The Company has successfully negotiated a $50 million, two-year bridge loan commitment with Sprott Resource Lending Partnership, Exploration Capital Partners 2008 Partnership and Newberry International Holdings Ltd. (collectively, the “Lenders”).  An interim facility of $12 million was closed and funded by the Lenders on February 4, 2011. Interest at the rate of 12% per annum is payable monthly on the interim facility commencing on March 4, 2011. In addition, there is a standby fee in the amount of 1% of the commitment under the interim facility and a drawdown fee in the amount of 1% of the amount advanced.  The term of the interim facility is six months.  The interim facility is secured by the assets of the Company and its subsidiaries other than assets which have been previously pledged or have certain restrictions preventing them from being pledged. As of the date hereof, $7.8 million of the interim facility has been advanced to the Company to be used for the drilling programs at San Jacinto and at the Company’s Orita project in Imperial Valley, California, construction costs at San Jacinto, and working capital.  The Company and the Lenders are currently finalizing the documentation for the full $50 million, two-year bridge loan which will refinance the interim facility and provide an additional $38 million of funding for the Company.   The Company expects the $50 million facility to close in March 2011.

Hezy Ram, CEO of Ram Power, stated, “Despite the setbacks on the San Jacinto Project, the tremendous value of the Ram Power portfolio of project assets enabled the company to attract the necessary financing at a critical time that will enable us to reach our objectives and deliver long-term shareholder value.”

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Feb 07, 2011

Borealis GeoPower to present Canoe Reach Project, Feb. 9th, Valemount, BC

In a release by geothermal developer Borealis Geopower, the company announces a presentation to the Valemount Council, Chamber and Business Sector Members regarding its geothermal energy project in the Canoe Reach area in British Columbia, Canada. The presentation will - so the announcement - "include some basics of geothermal energy, information about Borealis and its partners, some of the upcoming project development and a question & answer period. The meeting will be held at 7pm, Wednesday February 9th, 2011 at the Council Chambers of the Village Office.

For further questions about the event, please contact Silvio Gislimberti, Economic Development Officer with the Village of Valemount, (250) 566-4435, http://www.valemount.ca

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Feb 07, 2011

CanGEA welcomes new member Golder Associates

CanGEA welcomes its newest member Golder Associates. Golder is a respected, employee-owned, global company providing consulting, design and construction services in the specialist areas of Earth, the Environment, and the related area of Energy. The company was established in Toronto, Canada in 1960 and has now nearly 7,000 employees in more than 160 offices across the world. We are pleased to have Golder Associates on board to help promote geothermal energy and the industry.

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