U.S. Geothermal (TSX: GTH)(NYSE MKT: HTM) said Dec. 16 that it successfully completed on Dec. 12 the previously announced acquisition of Earth Power Resources (EPR), which allowed it to pick up new geothermal prospects in Nevada.
Under the terms of the agreement, EPR was merged with and into U.S. Geothermal. The assets acquired from EPR include geothermal leases covering 26,017 acres in Nevada, representing three projects that have an energy potential estimated in the range of 158 MW to 359 MW. Also included is EPR’s complete geothermal resource database of new project opportunities located throughout the western United States, which EPR had compiled over its nearly 40 years of geothermal exploration experience.
“We are very pleased to have added the Earth Power project portfolio to our development pipeline and look forward to advancing the development of these excellent opportunities,” said Dennis Gilles, Chief Executive Officer of U.S. Geothermal. “We are also pleased to continue our growth through a combination of the development of internal projects and growth through strategic acquisition – this acquisition continues the execution of that plan.”
U.S. Geothermal is a leading renewable energy company focused on the development, production and sale of electricity from geothermal energy and is operating geothermal power projects at: Neal Hot Springs, Oregon; San Emidio, Nevada; and Raft River, Idaho. The company is currently developing a 26-MW project at the Geysers, California; a second phase project (11 MW) at San Emidio, Nevada; and El Ceibillo, an advanced stage, geothermal prospect located near Guatemala City, the largest city in Central America.
WGP Geysers is an advanced stage project that encompasses the former Pacific Gas & Electric Unit 15, which once had a 62-MW (gross) geothermal power plant that was shut down in 1989. The project includes 3,809 acres of geothermal leases and property, development design plans, and permits for a proposed 26-MW (net) plant. There are four existing wells drilled in 2008-2009 which are immediately available for production or injection, with a fifth, historic well that has temporary plugs, U.S. Geothermal noted in a Nov. 13 financial report.