Panasonic has announced the availability of innovative thermoelectric tubes especially suited for fluid heat sources such as hot water or steam. The device's tubular shape allows good heat transfer conditions and efficient heat transfer, without additional heat exchangers. The company states the new tubes are ideal for capturing waste heat from hot springs (geothermal energy) and factories.
Mustang Geothermal announced the company has begun exploration activities at the Condoroma Project, located in southern Peru. The location is part of the Condoroma-Chaquelles concession, which has significant geothermal potential, and is also nearby to mojor commercial mining operations. This is a good setup for securing power purchase agreements, since the nearby power consumers, mostly the mining industry, are all in need of a steady clean power source.
Ormat Technologies announced the company has been awarded a build, operate and transfer (BOT) contract by Tikitere Geothermal Power Limited (TGL), for the Tikitere geothermal area near Rotorua, New Zealand. Under the terms of the agreement, Ormat and TGP are to joint develop a geothermal power plant with an estimated 45 MW capacity.
International Power (70% owned by GDF Suez) has entered into a joint venture with PT Supreme Energy and Marubeni Corporation for the development of a 220 MW geothermal power plant on the island of Sumatra, Indonesia. The Rantau Dedap project will be located in the southern part of this large island. This agreement follows the concession for project development awarded to PT Supreme Energy.
The US Department of Energy announced the availability of USD 70 million in funding for advancing the US geothermal energy sector, as part of the US President's initiative to produce 80% of US consumed electricity by 2035. The funding will be available for a three year period, and is aimed at accelerating the development of the growing geothermal energy sector. The funding will support innovations in exploration technologies such as drilling, characterization and reservoir engineering.
Nevada Geothermal Power (NGP) announced the company has reached an agreement with Iceland America Energy to acquire 100% of IAE's geothermal assets in Imperial Valley, California. The assets include three locations – New Truckhaven, East Brawley and South Brawley projects. NGP has agreed to pay a cash amount of USD 680,000 and to issue 6,074,069 shares as the remainder of the payment amount. Iceland America Energy is 83.7% owned by Reykjavik Energy Investment, subsidiary of Reykjavik Energy, which will now become a "significant" shareholder in Nevada Geothermal Power.
Mighty River Power announced the company is planning to build an 86 MW geothermal power plant north of Taupo, on the Ngataramki geothermal steam field, considered to be one of the best locations for geothermal development in the world. The power plant is an investment of about NZD 466 million (USD 382 million). Once completed, the new geothermal power plant will contribute to the company's power generation portfolio, bringing geothermal's stake to about 40 percent, or about 460 MW.
US Geothermal announced the company has signed a power purchase agreement with NV Energy for 19.9 MW of power from the San Emidio geothermal project in Nevada. The PPA is for a 25-year period and requires the development of two electric power units. Unit 1 is already under construction, while the second unit will be online in Q2 2013. Units 3 and 4 are also planned in the future, but require additional drilling and reservoir assessment is needed.
Costa Rica has an estimated 850 MW of geothermal power generation potential, of which the country is currently exploiting only about 198 MW (at the Miravelles Pailas), which is about 26 percent. The Energy Act, a legislation package to deal with renewable energy development in the country, has encountered several obstacles slowing down the process of adoption considerably. The Costa Rican government has decided to push for two geothermal projects in the meantime, in order to maintain development momentum.
Magma Energy announced the company will sell a 25% stake in its subsidiary HS Orka to a group of Icelandic pension funds. The company will raise about USD 715 million from this sale, which is about the same amount as the company originally paid to acquire HS Orka. The pension funds could purchase even more ownership in the company later on if the group chooses to exercise this option.
[source: Magma Energy]
