U.S. Geothermal
| Company type | Public (formerly independent) |
|---|---|
| Industry | Geothermal energy |
| Fate | Acquired by Ormat Technologies in January 2018 |
| Headquarters | United States |
Key people | Dennis Gilles (CEO), Doug Glaspey (President and COO) |
| Products | Geothermal electricity generation |
| Parent | Ormat Technologies |
U.S. Geothermal, Inc. operated as an independent entity focused on geothermal energy, engaged in the development, generation, and distribution of electricity derived from geothermal resources until its acquisition by Ormat Technologies in January 2018. The company managed three geothermal facilities within the United States, situated in Idaho, Oregon, and Nevada, while also advancing additional power initiatives across California, Nevada, Oregon, and Guatemala.
Neal Hot Springs
Neal Hot Springs, recognized as U.S. Geothermal's premier project and Oregon's inaugural commercial geothermal power station, commenced operations in November 2012.
Equity Partner: Enbridge (40%), a major energy pipeline corporation valued at $36 billion.
Project Financing: Loan from U.S. Department of Energy with a fixed interest rate of 2.6% APR over 22 years; outstanding balance of $61.8 million as of February 29, 2016; ownership divided 60% U.S. Geothermal and 40% Enbridge.
Power Purchase Agreement: Contracted with Idaho Power Company for 25 years at an average price of $126.36 per MWh.
Output Capacity: Annual net average of 22 MW; utilizes air cooling with seasonal fluctuations ranging from 30 MW in winter to 14 MW in summer.
Operational Performance: Achieved an average availability of 97.9% during 2015, excluding planned maintenance shutdowns.
San Emidio Power Plant
In operation since May 2012, this facility offers potential for near-term expansion.
Equity Partner: None.
Project Financing: Loan provided by Prudential Insurance at a fixed rate of 6.75% APR over a 24-year term; balance stood at $29.7 million on February 29, 2016.
Power Purchase Agreement: Secured with NV Energy for a duration of 25 years at an average price of $103.52 per MWh.
Output Capacity: Annual net average capacity is 10 MW; employs water cooling technology.
Operational Performance: Recorded an average availability rate of 98.6% in 2015, excluding scheduled maintenance periods.
Raft River Power Plant
This plant holds the distinction of being the first geothermal power facility in the Pacific Northwest and Idaho, operational since January 2008.
Equity Partner: Goldman Sachs (5%) through tax equity ownership structure.
Project Financing: No project loan currently associated.
Power Purchase Agreement: Contracted with Idaho Power Company for 25 years; average energy price set at $66.22 per MWh with an additional REC price averaging $7.10.
Output Capacity: Annual net average capacity is 13 MW; water-cooled system currently generating approximately 10 MW.
Operational Performance: Demonstrated an availability average of 95.4% in 2015, excluding scheduled annual maintenance shutdowns.
Projects Under Development
Advanced development projects approaching completion:
WGP Geysers Project - California
Anticipated net capacity of 30 MW; projected operational start in 2018; estimated investment totaling $150 million; eligible for a 30% investment tax credit. Current status: five wells drilled with steam capacity sufficient for 30 MW generation.
El Ceibillo - Guatemala
Phase one aims for a net capacity of 25 MW; expected to be online by 2018; phase one budgeted at $140 million; benefits from a ten-year income tax exemption. Current status: production well drilling is underway.
San Emidio II - Nevada
Phase two targets a net capacity of 10 MW; slated for operation in 2017; phase two cost estimated at $60 million; qualifies for a 30% investment tax credit. Current status: production well drilling ongoing.
Crescent Valley - Nevada
Phase one planned with a net capacity of 25 MW; anticipated online date in 2018; phase one cost projected at $130 million; eligible for a 30% investment tax credit. Current status: initial well completed with additional drilling planned.
Dennis Gilles, Chief Executive Officer
Serving on the board since 2011, Dennis Gilles previously held the position of Senior Vice President at Calpine. His career also includes roles at SCE/Mission and BP/ARCO. With an engineering background and an MBA, he brings 35 years of experience in energy management, of which 29 years are dedicated to geothermal energy.
Doug Glaspey, President and Chief Operating Officer
Doug Glaspey is a co-founder of U.S. Geothermal and an engineer by training. He possesses 37 years of expertise in natural resource exploration and operational management, including 13 years specifically focused on geothermal projects.