Western GeoPower Gains $2.5 M for “Unit 1”

The proceeds from Western GeoPower Corp.’s private placement for CDN $2.5 million will go toward development of Western GeoPower’s planned 25.5 megawatt (net) power plant at its Unit 15 leasehold at The Geysers Geothermal Field.

The new power plant, to be named Western GeoPower Unit 1, is due to commence commercial operations in late 2009, providing approximately 200,000 megawatt-hours per year of clean, base-load electricity to the California market. “The elimination of short-term debt and the contribution to working capital places the company in a stable position to negotiate a power purchase agreement, to implement the environmental review and permitting process and to secure drilling and project financing,” said Kenneth MacLeod, President and CEO of Western GeoPower. California-based independent consultants GeothermEx, Inc. completed a feasibility report on the Unit 15 leasehold in October 2006, which is 75 miles north of San Francisco, California, based on a database of resource information and demonstrated production history.
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