U.S. Geothermal to Acquire Plant

U.S. Geothermal Inc. announced that it entered into an agreement with Michael B. Stewart and Empire Geothermal Power LLC to acquire a 3.6-megawatt (MW) operating geothermal power plant, approximately 28,358 acres (44.3 square miles) of geothermal energy leases and certain ground water rights all located north of Reno, Nevada. The power plant includes four binary cycle units, a wet cooling tower and nine geothermal wells developed in a proven geothermal reservoir.

The properties are in two locations, San Emidio and Granite Creek. The San Emidio assets include the geothermal power plant, approximately 22,944 acres (35.9 square miles) of geothermal leases and ground water rights used for cooling water. The Granite Creek assets include approximately 5,414 acres (8.5 square miles) of geothermal leases located along a geologic structure known to host geothermal features including the Great Boiling Spring and the Fly Ranch Geyser.

The 3.6-MW geothermal power plant has been producing power since 1987 with current production delivering approximately 4,000 gallons per minute of 290°F geothermal fluids to the plant. The project sells electricity to Sierra Pacific Power Corp. under an existing power purchase agreement that extends through 2017.

“This acquisition will provide us with our second operating power plant and another proven geothermal reservoir. Based on our experience at Raft River, we believe that a new plant would utilize the existing well production more efficiently and could produce up to 10 MW,” said Daniel Kunz, CEO of U.S. Geothermal Inc. “These 44.3 square miles of geothermal leases are located along thermal geologic structures and are close to the California electricity market.”

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