Our members in the news: Alternative Earth, Alterra Power, Enel Green Power, Ormat

Members of the Geothermal Energy Association are making headlines.

Alternative Earth Resources: End Quarter Results Posted
Alterra Power: Joint Venture for Italian Assets Announced
Enel Green Power: Cove Fort Geothermal Power Plant Starts Operations in Utah
Ormat Technologies: Honduras Platanares Geothermal Project Acquisition Complete

Alternative Earth Resources: End Quarter Results Posted
Company Press Release (Vancouver, B.C.) November 29–Alternative Earth Resources Inc. (formerly Nevada Geothermal Power Inc.) (TSX.V: AER) today announced results for the three months ended September 30, 2013. The Condensed Consolidated Interim Financial Statements and Management’s Discussion and Analysis (MD&A) are available at http://www.sedar.com and on the Company’s website at http://www.alternative-earth.com.

Alternative Earth was responsible for the development of the Blue Mountain geothermal resource from exploration through construction of the nameplate 49.5 MW (gross), 38.8 MW (net) Faulkner I power plant, and continues to hold interests in four other geothermal properties. The results of the Blue Mountain power plant are included in Alternative Earth’s results up to March 28, 2013, on which date the Company transferred its interest in the project to Blue Mountain Power, LLC, a subsidiary of EIG Global Energy Partners (“EIG”), which had been the mezzanine lender on the project. Alternative Earth continues to operate the power plant through its subsidiary, Nevada Geothermal Operating Company (“Opco”), and is providing some management and administrative services during a cooperative transition period.

The Company will be compensated for services provided to the Blue Mountain project during the abovementioned transition period, but management does not expect to be involved with the project for an extended period. The agreement between the Company and EIG provides for Opco’s involvement in the project for a maximum period of 12 months, and a minimum of three months from March 28, 2013. The expected handover date is to be on or before December 31, 2013.

As at September 30, 2013, the Company’s assets (consisting primarily of cash and cash equivalents of $1.9 million and resource property interests carried at $1.5 million) exceeded its liabilities (consisting primarily of asset retirement obligations) by approximately $3.4 million.

On April 2, 2013, the Company changed its name from Nevada Geothermal Power Inc. to Alternative Earth, and completed a five for one share consolidation, which leaves the Company in a position to maintain its property portfolio or pursue other opportunities.

Alterra Power: Joint Venture for Italian Assets Announced
Company Press Release (VANCOUVER) November 28–Alterra Power Corp. (TSX: AXY) is pleased to announce that it has entered into a joint venture with an affiliate of Graziella Green Power (“Graziella”), an Italian developer of solar and geothermal assets. The joint venture will further advance the Mensano and Roccastrada geothermal concessions which Alterra was awarded in 2011. Graziella will fund approximately $4.0 million for the joint venture’s next development activities, and will own a 55% interest in the joint venture.

Paul Rapp, Alterra’s VP of geothermal and wind operations, said “We are pleased to be working with Graziella Green Power, a strong Italian partner with a proven track record of project development. We believe the joint venture is well-positioned to advance these prime geothermal properties to the next stage of development and to take advantage of other project opportunities.”

Enel Green Power: Cove Fort Geothermal Power Plant Starts Operations in Utah
Company Press Release (Rome) November 27–Cove Fort is a medium-enthalpy geothermal plant, which uses innovative binary cycle technology. The facility is owned by Enel Cove Fort, LLC, a subsidiary of EGPNA Development Holdings, LLC.

The installed capacity of the Cove Fort geothermal plant amounts to 25 MW. The operating facility will be able to generate up to 160 GWh of power per year, therefore avoiding the emission of around 115,000 tons of CO2 into the atmosphere each year.

Construction of the plant, in line with the growth targets set by Enel Green Power’s 2013-2017 Business Plan, required a total investment of approximately 126 million US dollars, financed through the Enel Green Power Group’s own sources.

The power plant is supported by a 20-year power purchase agreement (PPA) for the energy produced by the facility. The agreement was signed with company Salt River Project. Over more, the project is expected to qualify for the Section 1603 Renewable Energy Treasury Grant Program, therefore accessing the fiscal incentives envisaged by said regulation.

In North America, Enel Green Power also owns the geothermal plants of Stillwater and Salt Wells, which are located near Fallon, Nevada. These plants also use the medium enthalpy, binary cycle technology, which is among the most advanced in the sector. Last year, a 26 MW photovoltaic facility was added to the Stillwater geothermal power plant, therefore creating the first hybrid plant in the world with these characteristics.

Ormat Technologies: Honduras Platanares Geothermal Project Acquisition Complete
Company Press Release (RENO, Nev) December 2–Acquisition Includes Existing 35-Megawatt PPA; Drilling to Start Early Next Year–Ormat Technologies, Inc. (NYSE:ORA) announced today that its indirect, wholly-owned subsidiary, completed the acquisition of the Geotérmica Platanares geothermal project in Honduras from ELCOSA, a privately owned Honduran energy company, upon satisfaction of the required conditions precedent. Ormat will hold the assets under a Build, Operate and Transfer (BOT) structure for approximately 15 years, including the project’s wells, land, permits and a Power Purchase Agreement for up to 35 megawatt with ENEE, the national utility of Honduras.

Platanares is a late-stage development geothermal project where previous owners have conducted exploration work. Ormat plans to begin phased development at the project and start drilling wells early next year. Once the well field is appraised, the company will determine the expected capacity and begin construction on the first phase anticipated to be approximately 18 MW and to reach commercial operation in about three years.

“We are very excited to kick off the first geothermal project in Honduras through this partnership with ELCOSA, a strong local renewable player,” said Yoram Bronicki, president and COO of Ormat. “We’ve had great success implementing our technology and our phased development methodology worldwide and we plan to repeat this success in Honduras.

“This exciting development supports our strategy to expand our global footprint in areas where demand for electricity is strong and Ormat can deliver clean, base-load renewable power from local resources. This project along with other prospects will support our growth for 2016 and beyond.”

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s