The consortium comprising Tata Power (47.50 per cent), Origin Energy Ltd (47.50 per cent) and PT Supraco Indonesia (5 per cent) were declared as the successful bidder for the Sorik Marapi geothermal project in Northern Sumatra, Indonesia, a Tata Power statement said.

The Sorik Marapi project is estimated to support the development of approximately 240 MW of geothermal generation capacity.

The project will be developed by PT Sorik Marapi Geothermal Power, a special purpose vehicle formed by the consortium.

The consortium would undertake a detailed exploration programme over the next 18 months. The expected Commercial Operation Date (COD) for the project is June 2015.

“Tata Power has a strong mission to achieve at least 25 per cent of its generation portfolio through renewable sources of energy by 2017, geothermal energy being one of the prime renewable growth engines,” Prasad R Menon, Managing Director, Tata Power said. ”

Source: Times of India, Economic Times

The development lender said it would match the amount raised by the bond, which is expected to be issued later this month and would target Japanese retail investors. The bond issuance will be arranged through HSBC Securities (Japan) Ltd. and will be sold throughout Japan by more than 20 securities companies.

The bond will have four tranches, one denominated in Australian dollars, another in Turkish lira and two tranches in Brazilian real. They will have tenors — the period to maturity — of between four and seven years.

The ADB is targeting $2 billion a year in clean energy investments by 2013 to focus on wind, solar, water, geothermal and biomass — plant matter such as sugarcane used to generate electricity. It has invested more than $5 billion in clean energy since 2005.

The use of coal, oil and other carbon-based fossil fuels to meet Asia’s rapidly growing energy needs has added to the release of greenhouse gases that many scientists believe contribute to climate change.

The bank said that insufficient energy investment in the region hampers developing countries from reaching their full potential, with more than 800 million people — or a quarter of the population of the Asia-Pacific area — still without access to electricity and 1.8 billion people relying on traditional biomass fuels for cooking and heating.”

Source: Business Week

Mighty River’s profit of $85 million in the full year to June was down by nearly half from the record $159.6 million it made the previous year, because of the effect of the Waikato drought on hydro production.

Once tax adjustments are stripped out, underlying earnings fell by a third to $139.6 million. The company will pay the Government a final dividend of just over $30 million.

In a recent interview with Radion New Zealand, Mighty River Power’s “Chief executive Doug Heffernan says he expects geothermal power to contribute more than 40% of the company’s total generation this year, as it benefits from a full year of operation.

Geothermal generation rose after the opening of the Nga Awa Purua station, the world’s largest, near Taupo in May. He says the company will start prospecting more geothermal areas in the central North Island, and continue to expand its investments overseas. It’s also hoping consent will be granted this year for a new windfarm near Palmerston North. Mighty River attracted 30,000 new customers during the year, taking its market share to 21% – but that cost an extra $9 million in sales and marketing.

Mr Heffernan says he expects competition to remain fierce this year, and although Mighty River expects to spend a similar amount to attract and retain customers, he believes growth will slow.”

Source: Radio New Zealand

“There are places where a vast amount of geothermal heat rises fairly close to the surface and is relatively easy to reach, transform into electricity and pump into the power grid for transmission to urban centers. A high number of such hot spots exist right here in Utah—second only to Nevada in discovered geothermal resources. The central Intermountain West (including Wyoming and Colorado) is often described as the “Saudi Arabia of geothermal energy.” And Utah has the added advantage of not only having an abundant supply of geothermal, but its geothermal resources are located on land where ample moving air could drive wind farms and regular sunshine could power solar facilities.

These thrice-blessed regions are also near existing power transmission lines, allowing all three types of renewable energy to get plugged into the grid at about the same point, an advantage similar zones in Nevada don’t share. In a word, Utah’s renewable power potential is almost ideal, and at least one company is going after it in a big way.”

For the full article see link below.

Source: Salt Lake City Weekly, Steam Dream: Utah’s Geothermal Potential (Jim Catano)

Pursuant to the Arrangement, Ram Power will acquire all of the issued and outstanding shares of Sierra and current holders of Sierra options, warrants and unit warrants will be entitled to receive Ram Power shares upon the exercise of such securities in accordance with their terms and upon the terms of the arrangement agreement dated July 7, 2010, as amended by an amendment dated July 28, 2010. Upon completion of the Arrangement, Sierra will become a wholly owned subsidiary of Ram Power and Ram Power will continue to be engaged in the business of acquiring, exploring, developing and operating geothermal properties through its subsidiaries.

The Arrangement requires approval by the Supreme Court of British Columbia. The hearing in respect of the final order to approve the Arrangement (the “Final Order”) is currently anticipated to take place on September 1, 2010 at 10:00 a.m. (Vancouver Time). No hearing is scheduled. If the Final Order is obtained on September 1, 2010, and all other conditions to completion of the Arrangement are satisfied or waived, it is expected that the Arrangement will be completed September 2, 2010.

For further details regarding the Arrangement, please refer to the management information circular dated July 28, 2010, a copy of which is available under the corporate profile of Sierra on the System for Electronic Document Analysis and Retrieval at www.sedar.com.”

Source: Company release via Marketwatch

The Geothermal Lease Purchase Agreements provide for the Company to pay a total of 14 million shares of the Company’s common stock per agreements signed August 26, 2010.

As a part of an on-going reorganization of the Company’s business activity, the decision to diversify into the geothermal energy field is aligned with the Company’s long-term strategy to add shareholder value.

About Mustang Geothermal Corp.: Mustang is a geothermal exploration and development company that is in the business of discovering geothermal energy resources and building renewable energy electrical power plants. The Company owns a 100% interest in 15,262 acres of geothermal leases in the State of Nevada. It also owns the La Jara Mesa Extension uranium property consisting of 137 unpatented mining claims in the Grants Mining District, Cibola County, New Mexico.

Source: company release via MarketWire

The Sokoria Geothermal Project is distinguished by four factors:

• The Sokoria geothermal field is well known from extensive previous work (1974 –present) including drilling;
• The Sokoria Project has an agreed power price of USD12.5¢/kwh (USD125/Mwh) for the first 30 MW generating capacity;
• Strong support from local government as well as from the local community;
• The infrastructure is excellent, being within 16km of the capital of Flores, Ende, which is well serviced by regular airline services and sea port.

The advanced Sokoria Project has an extensive exploration data base, including three exploration wells as well as magneto-telluric (MT) surveys. Geothermal reservoir temperature at depths of 1,500m to 2,000m are estimated at >230°C. A 2008 report completed by JICA* has estimated that the Sokoria field has an “Exploitable Resource Potential” of 90 MW. The Indonesia Government (“DGMCG”**) estimates Sokoria’s resource potential at 145 MW with a current “Possible Reserve” of 25 MW.

The island of Flores has a population of 1.5 million people who currently rely on diesel power generation. Bakrie won the Sokoria Project through a Government tender in September, 2009, at an agreed power price of USD$12.5¢/kwh (USD125/Mwh), excluding carbon
credits, for the first 30 MW generating capacity.

Directors of both Bakrie and Panax met with the Head and Deputy Head of the local government (Bupati), who both promoted expediting the development of the Sokoria Project. Similar sentiments were expressed by the Head of the Sokoria Village (1,600 people), who assured that the project has the full support from the local population.

The Sokoria Project is located at a distance of 16km (as the crow flies) from Ende. The project site can be accessed by car using existing roads (± 30km). Ende (population 60,000) is serviced by airport (including regular scheduled flights), good harbor facilities as well as a
local power grid, currently serviced by diesel power generation.

The next step for the Sokoria Project is the completion of a specific Joint Venture Agreement between Bakrie and Panax (the latter holding 45%), following which fieldwork on the Sokoria Project is scheduled to commence.

Panax looks forward to playing an active role in realizing the potential of the Sokoria Project as well as participating in other geothermal developments across Indonesia. First field activities at Sokoria are likely to commence in the last quarter of this calendar year.”

Source: Panax Geothermal release via e-mail

HS Orka prepares its financial statements in accordance with International Financial Reporting Standards and are reported in Icelandic kroner. Summarized below are HS Orka’s financial results presented in US dollars and reconciled with Canadian GAAP. At June 30, 2010 Magma Energy owned a 46.18% interest in HS Orka and accounts for its investment using the equity method of accounting.

While HS Orka’s results from operating activities were 70% higher than the same period last year, HS Orka reported a net loss of$18.2 million for the six months ended June 30, 2010. This loss was primarily the result of a $31.8 million loss in the change in fair value of embedded derivatives in sales contracts. Approximately 50% of HS Orka’s power sales agreements are partially indexed to the price of aluminum resulting in embedded derivatives. Changes in the forward price of aluminum result in a fair value change of the derivative. At June 30, 2010 the forward price of aluminum on the London Metal Exchange was lower than the value at December 31, 2009. This resulted in a non-cash loss of $31.8 million in the change in fair value of embedded derivatives in sales contracts.

Some key highlights of HS Orka’s financial results for the 1H of 2010 and (financial year 2009):

• Total revenues: US$27.5m (US$49.8m)
• Gross profit: US$9.4m(US$14.3m)
• EBITDA: US$ 12.1m(US$19.1m)
• Cash/ cash equivalents: US$7.7m (US$1.2m)
• Working capital US$20.4m (US$1.2m)

Magma Energy’s year end results for the period ending June 30, 2010 will be announced after markets close on September 28, 2010.

About HS Orka: HS Orka is the largest privately owned energy company in Iceland producing 9% of the country’s power needs. Installed geothermal power capacity is 175 MW from the Svartsengi and Reykjanes power plants. In addition, HS Orka generates 150 MW of thermal energy for district heating. Expansions are planned that will increase HS Orka’s geothermal power production to 405 MW by 2016.

Source: Company release via PR Newswire

India’’s first Geothermal Power Purchase Agreement (PPA) between GeoSyndicate Power Pvt Ltd (an incubated company of Indian Institute of Technology, Bombay) and Northern Power Distribution Company of AP Ltd (APNPDC) was signed recently in this connection, Dr D Chandrasekharam, Founder and Chairman of Geosyndicate told PTI here today.

The signing of the agreement was done under the aegis of the Non-conventional Energy Development Corporation of Andhra Pradesh Limited (NEDCAP), he said. Andhra Pradesh is the first state in the country to have executed this PPA with India’’s one and only Indian geothermal company with eminent scientists and technocrats on its board, Chandrasekharam said.

Global warming and climate change is and will continue to be one of the key challenges the world has to face in the coming decades and “Geothermal energy could play a vital role in mitigating these challenges by reducing dependence on fossil fuels and provide clean energy,” he said. GeoSyndicate looks forward to play a significant role in reducing the country’’s carbon foot print by setting up the Geothermal plant, he added.”

Provided by GeoSyndicated: the official news release in pdf.

Source: IBN Live

“The four day 12th annual East African Power Industry Convention (EAPIC) is being held at Safari Park Hotel.

Spintelligent, the event organiser, said the meetings objective is to determine the best way to secure electricity generation and continued economic growth.

Project director Claire Volkwyn said EAPIC provides an insight to expanding energy mix that puts into consideration renewable energy, geothermal and traditional generation sources.

“Discussions will focus on fast tracking interconnection and vital role regional power pools play in ensuring stable, quality electricity to commercial, industrial and domestic consumers,” she said.

“It will provide a forum for professionals to discuss ways in which electricity sector can be developed, rehabilitated and connected to ensure power for all,” she said in a press statement.

Attendees will benefit from expertise from over 40 speakers involved in power infrastructure development from key government, utility and private sectors.

Topics for discussions include priority power investment areas, access to financial resources, future of wind power, geothermal generation in Rift Valley and viability of coal for power generation.

A green economy includes power generation through renewable sources, job creation and economic growth through environmentally conscious decisions and choices.

East Africa’s power generation is mostly dependent on hydro power but the region has been suffering from a lack of adequate rainfall, resulting in ongoing electricity shortages.”

Source: Daily Nation

“As Vulcan, the company was founded in Bend, Oregon, in 1991. It now has leasehold properties covering around 170,000 acres of private and federal land in Nevada, California, Oregon, and Arizona, as well as six geothermal power projects in “advanced” development.

Now as Gradient Resources, it employs 101 people in Nevada, with geothermal projects underway near the towns of Fernley, Fallon, Hawthorne and Lovelock.

Gradient is expecting its Patua site, near Fernley, to be its first operational power plant. Phase I drilling began in February 2010, with construction of a 60MW generation system set to begin in early 2011.

The developer is expecting the facility to provide around 500 gigawatt-hours of power each year, eventually ramping up to 1,000GWh per year.

Craig Mataczynski, CEO of Gradient Resources, said: “The state of Nevada has a tremendous geothermal resource and access to attractive energy markets where there is a strong demand for electricity produced from geothermal resources.”

Mr Mataczynski said his company would be bringing 300 megawatts of geothermal energy capacity in Nevada over the next five years, with expectation of creating 1,000 construction jobs and 80 permanent jobs.

The Gradient Resources CEO added: “As a company dedicated to developing a clean and reliable energy source for the country, Nevada is the right place for us to call home.”

According to Gradient, the state of Nevada could potentially generate more then 3,000MW of electricity from the heat locked up underground.

The state currently boasts 20 power plants generating around 430MW of power, but has 86 development projects underway.

“Projects like this are exactly what we had in mind when we passed the Economic Recovery Act,” said Nevada Senator Harry Reid, the Senate Majority Leader. “I applaud Gradient’s move to Nevada and look forward to working with them as we continue to take advantage of tax incentives that are helping us put Nevadans back to work and diversify the economy.”

Source: BrighterEnergy

The San Emidio project is a planned two-stage development. Phase 1 consists of relocation and replacement of the existing power plant. The new 11.5 megawatt (“MW”) plant will have a net electrical output of between 9.1 and 8.1 MWs depending on seasonal and other variations. Phase 2 is a planned 26 MW expansion. SAIC is providing design-build services for the Phase 1 geothermal power plant, teamed with technology provider TAS Energy Inc (“TAS”) who worked in close collaboration with US Geothermal on the plant design. TAS will manufacture and test the modular plant in their Houston, Texas factory. SAIC is also providing a project loan for the Phase 1 total construction costs currently estimated to be approximately $27.0 million. To secure a long term project loan to repay the construction loan, U.S. Geothermal is engaged in financing discussions in preparation for the project’s application to the DOE geothermal loan guarantee program. In support of the two-stage development plan, negotiations are continuing on a 35 MW power purchase agreement (“PPA”). The project is currently producing and selling up to 3 MW of electricity under a PPA with Sierra Pacific Power Company, a subsidiary of NV Energy.

“Considering our ongoing development work at Neal Hot Springs in Oregon, constructing two key projects at the same time is the result of lot of hard work and is a significant achievement for the Company,” said Daniel Kunz, President and CEO of U.S. Geothermal Inc. “Closing this fully financed, turnkey engineering, procurement and construction arrangement signals the start of construction at San Emidio. The replacement of the old plant is expected to triple project revenues and earnings and will provide us with a solid foundation for continued expansion.”

USG Nevada is constructing a new generation, water-cooled binary cycle power plant that produces renewable base load electricity. The TAS modular plant is expected to provide a rapid development schedule of 12 months and will use R-134a refrigerant which is non-volatile and reduces permitting and insurance requirements for the project. No drilling is required for Phase 1 since the new plant will utilize the production and injection wells which are currently in use by the existing San Emidio power plant. The existing plant will be decommissioned when the new plant achieves commercial operation. The anticipated commercial operation date is 4th quarter of 2011 for Phase 1 and 4th quarter of 2013 for Phase 2.

The full piece, reads: “Some P33.4 million (US$740,000) from the royalty tax levied on the geothermal power generated by the Energy Development Corporation (EDC) from Mount Apo is still available for use by the provincial government of North Cotabato, according to the provincial board.

The money, according to Cotabato 2nd District Board Members Jose Tejada and Noel Baynosa, chair and co-chair of the Committee on Infrastructure and Energy and Baynosa, respectively, is still intact at the Department of Energy (DoE) since last year.

They said they verified such information at the DoE office. Tejada said North Cotabato, host province of the Mount Apo geothermal power plants, is entitled to a P1 per kilowatt/hour (US$0.02) subsidy, along with the city and the village where the power facilities are located.

It was learned that 25 percent of the P1 allocation goes to the development and livelihood fund; another 25 percent is allotted for the reforestation, watershed management, and health and environment enhancement fund; and the other half goes to the electrification fund.”

Source: Manila Bulletin Publishing Corp.

In a recent article on the public call for the Domuyo project in Neuquen Province in Argentina, details about geothermal development and research are provided by the Vie President of ADI-NQN, the Agency for Promotion and Investment of the Province of Neuquen.

“The Domuyo area”, so the article,  ”is located 560 km from the capital city of the Province of Neuquén, and 35 km from the district of Varvarco. The average altitude in the area is 2,300 m.a.s.l.

The documentation containing the terms and conditions of the call is on sale at the moment. A non-commercial copy can be browsed on the Agency’s website.

The exploration contract will enable the awarded company to exercise the option, according to the terms and conditions established in the documentation, to exploit the minerals discovered for a period of up to twenty five (25) years, and to execute an exploitation contract with the Agency to build and operate one or more geothermal plants to generate and subsequently commercialize electrical power on the Argentine wholesale electricity market.

The successful bidder for the exploration contract may make a request to the competent government organization to receive the promotional benefits and incentives for exploitation, as foreseen in the national and provincial legislation in force.

Neuquen has an extensive history of oil and gas production, which has promoted the presence of material and service providers, especially those related to well drilling and auxiliary services. This has led to reductions in cost and greater availability of equipment compared to other regions.

There are several reports written on the area. In 1982, field surveys and the compilation and analysis of existing written material on the area carried out by JICA (Japan International Cooperation Agency) concluded that the surface under study could be reduced to a more specific geothermal target of 200 km² from the original of 15.000km².

In a second exploratory stage (1982-1983) several topographical surveys were carried out, and temperature measurements were made. Geological models were drawn up, with cross-sections of the heat flow structures, the generation and circulation of the geothermal fluids and the structure of the geothermal reservoir, producing the geological profile of the area.

This led to the third exploratory stage (1983-1984), which focused on electrical and seismic studies as well as the measurement of heat flows in twelve 100-meter-deep wells and the study of isotopes and rock properties.

To request additional information, please contact the Agency: info@adinqn.gov.ar or the Vice Presidency of ADI-Nqn: lgalardi@adinqn.gov.ar

Phone: +54 299 4494749; Mobile: +54 9 299 5552842 - www.adinqn.gov.ar

Source: Renewable Energy World

PSALM said it will turnover the BacMan plant to Bac-Man Geothermal — the corporate vehicle of First Gen Corp. — on Sept. 3 after its 40-percent down payment.

First Gen acquired the BacMan plants for $28.25 million. PSALM said First Gen has yet to pay $11.3 million during the turnover date.

First Gen, however, has not made it clear yet to PSALM if it would pay the remaining amount on the turnover date or on staggered basis.

Richard Tantoco, executive vice president of First Gen, said the company plans to avail of PSALM’s staple financing or it “may also pay the lump sum using our internal funds.”

He said First Gen has already decided to rehabilitate the BacMan power plants — which have not been running since last year — to bring it to its operational level.

“We’re hoping to bring the units back online within 18- to 24-month time frame. Last year, the availability was three percent so it’s practically shut down and it’s now in the process of planning and executing the rehab,” Tantoco said.

The BacMan plant package consists of two steam plants located in the provinces of Albay and Sorsogon.

First Gen’s subsidiary Energy Development Corp., which is the country’s largest and the world’s second largest geothermal firm, supplies the steam fueling the BacMan facilities.

Tantoco said that the plants has no existing transition supply contracts with National Power Corp. and they plan to enter into contracts with customers.

“Once we get the plant running, we’ll be going into bilaterals with Luzon customers,” Tantoco said.”

Source: GMA News