Raser just announced that is has a new agreement with Evergreen Clean Energy, LLC that will finance the development of up to 100MW of geothermal power. Per the agreement, Evergreen will provide up to $30 million for each project, with the exact amount of financing depending on the project’s scope. Here’s how Evergreen’s funding should break down for a typical $30 million project: $25 million to fund the project, $5 million for participation rights.
In … Read the rest
Ormat Technologies (ORA) is announcing this morning that one of its subsidiaries has secured a 20-year power purchase agreement with Nevada Power Company to purchase 30MW from the McGinness Hills Geothermal project, which is currently under construction and expected to come online in about two years.
Once the McGinness project is completed and running at full speed, Ormat will provide roughly 135MW of geothermal power to Nevada Power, which will get the utility into compliance … Read the rest
Ormat Technologies (ORA) posted another strong quarter as earnings increased 48% over the year ago quarter on revenues that increased 20%. The company reported an EPS of .52/share which smashed analyst estimates of .37/share. Revenues also beat analyst estimates coming in at $119.8 million vs Wall St estimates of $99.4 million.
Nearly all the growth over the past year has come in the company’s Product Segment due to a record backlog at the beginning of … Read the rest
Raser just announced that they have come to yet another extension agreement with the financing partners for their Thermo No. 1 Plant. The extension gives Raser until November 30th to redo its financing agreements so that they conform to changes in tax law caused by the stimulus. Once the agreements have been restructured, Raser will apply for a Section 1603 renewable energy tax credit grant. Raser will use the proceeds to pay off some of … Read the rest
According to this press release, Raser Technologies just entered into an agreement with 3 of its major lenders that will allow Raser to repay some of its loan obligations in the form of stock. The total principal and interest that Raser owes is 5.4 million. Under the terms of the agreement, Raser will sell the lenders 3,201,526 shares of common stock priced for $1.68 per share. Raser will also provide the lenders warrans to … Read the rest
Raser Technologies (RZ) is getting a pop here on news that it has signed an additional extension with its financing partners for its Thermo plant which allows the parties time to finalize amendments to financing agreements. The previous deadline was today and this extension allows for another two weeks to amend financing agreements due to recent tax law changes under the American Recovery and Reinvestment Act of 2009.
The company issued the following statement: “Finalizing … Read the rest
Raser just announced that they have signed a new extension agreement with their financing partners that once again extends the deadline for completion of their Thermo No. 1 plant. The new agreement extends the final completion date to October 16th from October 1st, and provides Raser with an opportunity to further restructure its financing agreements in according with the American Reinvestment and Recovery Act.
In a press release, Richard Clayton, Raser’s Principal Executive Officer, explained … Read the rest
In just a few weeks on December 7th, a secret meeting of world leaders takes place that will undoubtedly go a long way in shaping how we live our lives. .. from the kinds of cars we drive, to how many hours we can run hot water, to how much we pay in electricity bills each month. The COP15 Climate Change conference in Denmark will provide extraordinary profit opportunities in what venture capitalist firm Kleiner … Read the rest
Raser Technologies (RZ) has always been a company looking for a good press release or PR opportunity. From the ceremonial ribbon cutting announcements at its Utah plant to the Hybrid Hummer, the press releases continue to flow. But is the hype justified at least in terms of its geothermal operations? Maybe not.
According to an article in the Salt Lake Tribune, the company is buying almost as much power (4MW) to keep the lights … Read the rest
According to the Salt Lake Tribune, Raser has run into a roadblock at its Hatch Geothermal Plant. Initially, the company believed that new technology would allow it to harvest power from wells with water temperature of 180 degrees Celsius or higher. However, even though the water in Raser’s wells is hotter than that, it’s still not hot enough to generate power efficiently, and the company has been using almost as much electricity to keep … Read the rest