BIG GEOTHERMAL BUYS MORE

Mighty River Plans More Investment in U.S. Geothermal Projects
Gavin Evans (w/Alex Devine and Ang Bee Lin), May 17, 2010 (Bloomberg BusinessWeek)

"Mighty River Power Ltd., operator of the world’s largest single-turbine geothermal generating unit, has increased funding to help identify and build power projects in the U.S. and Chile.

"…[A] $107 million investment in a $400 million, 49.9 megawatt geothermal power plant in Southern California [is] its first in the U.S. The New Zealand government- owned generator said it has also more than doubled to $250 million a fund available for projects…"

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"Mighty River is among the world’s 10 largest operators of underground steam fields. It’s investing internationally to profit from its experience building large-scale geothermal power projects, its relationships with bankers and plant manufacturers, and increasing global demand for non-polluting energy.

"Geothermal plants tap heat from the earth to power turbines and generate electricity 24 hours a day with minimal emissions. New Zealand, Chile and the west coast of the U.S. lie on the 40,000-kilometer (25,000-mile) chain of active volcanoes that surrounds the Pacific Ocean. The zone, known as the Ring of Fire, also includes Japan and Indonesia…"

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"…[The] investment gives Mighty River a 20 percent stake in EnergySource LLC, which is building the Hudson Ranch power station in the Salton Sea geothermal region of Southern California. It will use the Fuji Electric Systems Co. machines that Mighty River has installed in New Zealand the past two years, including its 140-megawatt Nga Awa Purua plant, the world’s largest single-turbine project…

"Mighty River runs four geothermal power plants in New Zealand and has just been granted planning approval to build a fifth. It plans to have a 70-megawatt generator operating in Tolhuaca in Chile by 2013…The Hudson Ranch plant will take about two years to build and will supply Arizona-based utility Salt River Project…The balance of the project cost is being met by EnergySource and a group of eight international banks…"