USA : Geothermal Project Breaks Ground On First Production Well in New Mexico - Business & Investments news

USA : Geothermal Project Breaks Ground On First Production Well in New Mexico

Published on Business & Investments  |  January 18, 2011, 10:50

After months of analyzing data collected from an exploratory well and securing project partners, Raser Technologies Inc. is ready to move forward with its New Mexico geothermal power project.

Raser is an energy technology company focused on geothermal power development and technology licensing. Raser's Power Systems segment is seeking to develop clean, renewable geothermal electric power plants and bottom-cycling.
The company has announced it has begun drilling a production well.

Located in Southwestern New Mexico, the Lightning Dock Project is one of the most studied geothermal resources in the United States. When operational Lightning Dock is expected to generate 15 MW of geothermal energy which will be sold under a 20-year power purchase agreement to Arizona utility Salt River Project.

In October 2010 Raser signed an agreements with Evergren-FE Lightning Dock, LLC and Ormat Technologies, Inc.
Evergren will invest US$15.3 million to fund project development while Ormat will provide the engineering, procurement and construction services for the project.
Raser is also pursuing a Department of Energy loan guarantee for long term financing for the Lightning Dock Project.

In addition to the Lightning Dock Project, Raser has seven geothermal power projects under development in the United States as well as one operating facility, Hatch Plant, located in Southern Utah.  Hatch currently delivers clean, renewable electricity to Anaheim, California.

"We are excited to move forward with our development plans for Lightning Dock, a joint venture between FE Clean Energy Group and Raser Technologies. We have spent the last several months studying data from a well we recently re-entered and from several additional surveys. We feel confident that the data collected thus far indicates a promising geothermal resource", said Mike Hayter, Director of Project Development.


Source : www.energyboom.com


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