According to StreetInsider.com, Rodman & Renshaw is out this morning with an analyst note on Raser Technologies (RZ) and initiating coverage with a Market Perform/Speculative Risk rating. The highlights:
– company has compelling geothermal resources and relevant technology – will benefit from renewable energy mandates – unique modular deployment – capital intensive nature of the business which needs financing may weigh on the stock in the current environment – company still fine tuning its … Read the rest
When you think of renewable energy leadership at the state level, you typically think of California but Utah is making some announcements this morning indicating they want to join the party.
At Raser Technologies (RZ) Hatch geothermal plant in Thermo, Utah governor Jon Huntsman signed two renewable energy bills that will aim to upgrade the electrical grid and provide tax incentives to green projects.
Senate Bill 76 establishes a Renewable Energy Transmission Authority which will … Read the rest
Raser Technologies just announced that it has restructured a purchase agreement with United Technologies Corp., resulting in a $7 million refund from UTC to Raser. The $7 million came from a deposit made for an order of United Technologies’ PureCycle(R) power systems. Under the new purchase agreement, Raser will continue to buy PureCycle Units from UTC, and UTC has agreed to keep at least 50 on hand at all times to make sure they are … Read the rest
The geothermal Hatch plant (previously named the Thermo plant), named after Utah Senator Orrin Hatch has begun delivering geothermal power to Anaheim. Raser Technologies (RZ) leases the large geothermal resource in Beaver County, UT which is expected to deliver 10 – 11MW of geothermal power, enough to light up 9000 homes in Anaheim. The city of Anaheim has signed a 20 year power purchase agreement to receive clean electricity from the Hatch plant. Independent … Read the rest
Raser Technologies just announced that it has signed a geothermal lease agreement with Copper King Mining. The lease includes a total of 75,000 acres scattered in various locations across Utah. Most of the acreage is located near Razer’s No 1 geothermal project in Beaver County, Utah.
Richard Clayton, Raser’s Executive Vice President, commented on the lease:
"With this lease, Raser continues to expand its holdings in this geothermally active part of the State. We are … Read the rest
Ormat Technologies Inc. just announced that it has signed a financing agreement for the Olkaria III geothermal project in Naivasha, Kenya.The geothermal power plant produces 48 MW of power, approximately 6% of Kenya’s total energy output.
From GlobesOnline, here are the details of the financing agreement:
The first disbursement of approximately $90 million under the 10-year project finance loan is expected within the next two weeks. The lender group of European Development Finance Institutions (EDFIs)
Raser Technologies Inc. is preparing to send geothermal power to the city of Anaheim as early as next week. The power will come from Raser’s Thermo plant in Utah. The plant has already been supplying some power, approximately 3.5 MW, to the city of Anaheim, and next week the company will begin to increase the amount of power that it sends.
Steven Brown, Raser’s executive VP, commented on the news:
Ormat Technologies (ORA) which designs, develops and operates geothermal and recovered energy power plants beat earnings estimates this morning, posting an EPS of .26/share (analysts expected .25) which was 4% over the year ago quarter. Revenues were strong in the quarter at 95.5 (an increase of 35% over last year) which also beat analyst estimates of $84 million.
Dita Bronicki, CEO of Ormat, stated: “It was a good year and quarter for Ormat, as reflected … Read the rest
Now that Congress has approved the economic stimulus package (aka the American Recovery & Reinvestment Act) with Obama expected to sign it into law on Tuesday I thought I’d give a run down of what’s in this bill related to green energy initiatives.
Overall, nearly 10% of the entire bill provides funding and tax credits for green energy related projects.
* $11 billion in spending and loan guarantees to build a “smart grid” to move … Read the rest
US Geothermal (HTM) has announced an agreement with the Idaho Power Company to design and build a 10 mile, 36MW transmission line and substation from the Neal Hot Springs geothermal site to IPC’s transmission grid which is expected to begin transmitting power in about 2 years. IPC will be responsible for the design, engineering and construction.
“This agreement is a critical milestone in the development of our project at Neal Hot Springs,” said Daniel Kunz, … Read the rest
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