| U.S. Geothermal Inc. | |
| Type: | Public |
| Industry: | Renewable Energy |
| Foundation: | 2000 |
| Location: | Boise, Idaho |
| Location Country: | United States |
U.S. Geothermal, Inc. was an independent geothermal energy company focused on the development, production and sale of electricity from geothermal energy, until its acquisition by Ormat Technologies in January 2018.[1] The company operates three geothermal plants in the United States.[2] [3] located in Idaho, Oregon and Nevada, and is developing power plants in California, Nevada, Oregon as well as in Central America in the Republic of Guatemala.[4]
U.S. Geothermal's flagship project and Oregon's first commercial Geothermal power plant is Neal Hot Springs. It came online in November 2012.
Equity Partner: Enbridge (40%), $36 B Energy Pipeline Co.
Project Loan: Lender - U.S. Dept. of Energy, Fixed 2.6% APR, 22-year term, $61.8 M balance (2/29/16), 60% USG / 40% Enbridge.
Power Sales Contract: Idaho Power Company, 25-year term, Contract Average Energy Price $126.36 per megawatt-hour.
22 net MW (annual average): Air Cooled, 30 MW (winter), 14 MW (summer).
High Reliability: Availability 2015 average 97.9% (excluding schedule annual overhaul).
Near-Term expansion opportunity, went on-line in May 2012.
Equity Partner: None.
Project Loan: Lender - Prudential Insurance, Fixed 6.75% APR, 24-year term, $29.7 million balance (2/29/16).
Power Sales Contract: NV Energy, 25-year term, Contract Average Energy Price $103.52 per megawatt-hour.
10 net MW (annual average): Water Cooled.
High Reliability: Availability 2015 average 98.6% (excluding schedule annual overhaul).
Pacific Northwest and Idaho's first Geothermal power plant. It went on-line in January 2008.
Equity Partner: Goldman Sachs (5%), Tax equity ownership structure.
Project Loan: None.
Power Sales Contract: Idaho Power Company, 25-year term, Contract Average Energy Price $66.22 per megawatt-hour, Contract Average REC price $7.10.
13 net MW (annual average): Water Cooled, 10 MW current production.
High Reliability: Availability 2015 average 95.4% (excluding schedule annual overhaul)
Advanced development projects near term expectations:
Expected plant size 30 MW net. Expected on-line date - 2018. Expected cost to build $150 M. Qualified for 30% investment tax credit. Status – 5 wells drilled with 30 MW of steam currently available for production.
Expected plant size 25 MW net. Expected on-line date (phase 1) - 2018. Expected cost to build (phase 1) $140 M. Qualified for 10 year income tax holiday. Status – production well drilling in progress.
Expected plant size 10 MW net. Expected on-line date (phase 2) - 2017. Expected cost to build (phase 2) $60 M. Qualified for 30% investment tax credit. Status – production well drilling in progress.
Expected plant size (phase 1) 25 MW net. Expected on-line date (phase 1) - 2018. Expected cost to build (phase 1) $130 M. Qualified for 30% investment tax credit. Status – first well completed with additional drilling in planning.
Board Member U.S. Geothermal since 2011. Previous SVP of Calpine, prior experience at SCE/Mission and BP/ARCO. Engineer & MBA, 35 years energy management experience, 29 years in geothermal.
Co-founder of U.S. Geothermal, Engineer with 37 years in natural resource exploration, development and operation, including 13 years of geothermal experience.