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Investment For The Newberry Geothermal Project
Bend OR (SPX) Mar 14, 2008 Davenport Power has announced that US Renewables Group and Riverstone Holdings have agreed to provide development capital for the Newberry Geothermal Project. The initial funds will be used to drill exploratory test wells to explore potential geothermal resource areas for underground geologic features that have the right combination of heat and water to produce steam. The Project, located on the western flank of Newberry Volcano 25 miles southeast of Bend, Oregon, is anticipated to ultimately produce renewable electrical energy to satisfy a 20-year, 120 megawatt contract with Pacific Gas and Electric Company, based out of California. Doug Perry, President of Davenport Power, said, "We are very pleased in the confidence expressed by this investment from US Renewables and Riverstone, who we know to be two of the most sophisticated energy investors in the nation. If exploration is successful and a viable commercial resource is found during the exploratory drilling, Davenport will prepare and submit specific plans to develop a state-of-the-art geothermal energy facility that will provide clean, renewable energy." Thomas King, Partner at US Renewables Group, said, "USRG is excited to partner with the Davenport team and to bring its resources to the development of what many believe to be the largest untapped geothermal resource in the US." Stephen J. Schaefer, Managing Director at Riverstone Holdings LLC, said, "We are delighted to partner with the very experienced Davenport team to develop this new renewable resource. This project's potential output will help to satisfy the growing demand for affordable and reliable renewable power for the western region of the United States." Community Email This Article Comment On This Article Related Links Newberry Geothermal Project
China tells developed world to go on climate change 'diet'
Beijing (AFP) March 12, 2008The developed world should go on a climate change diet rather than lecture China over its rising greenhouse gas emissions, Chinese Foreign Minister Yang Jiechi said Wednesday. |
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