Tuesday, March 15, 2016

USA, California: Controlled Thermal Resources Gets Lease to Develop 250 MW Geothermal Project

Another win for renewable energy in California (Imperial Valley Weekly)

The Imperial Irrigation District Board of Directors approved a lease agreement with Controlled Thermal Resources today that will allow for the development of a new centralized geothermal power plant in the Salton Sea Known Geothermal Resource Area located in Southern California.

Once built, the new facility is expected to produce up to 250 megawatts of renewable energy per year and has the capacity to expand operations to 375 megawatts in future phases. On-ground drilling is expected to commence by the last quarter of 2016 with the power plant expected to be operational by 2020. The development schedule for this project will coincide with California’s renewable portfolio standard requirement that 50 percent of all energy procured by utilities must be derived from renewable resources by 2030.

Controlled Thermal Resource’s CEO, Rod Colwell, a GRC Member, praised the action saying the agreement with the Imperial Irrigation District signals a new era for geothermal energy production in the region. “Geothermal power has the capacity to provide baseload electricity 24 hours a day, seven days a week and is fast becoming directly competitive with conventional fossil fuel plants,” Colwell said.

Under the agreement, Controlled Thermal Resources will lease approximately 1,880 acres of district-owned land for as many as 50 years, assuming specific development milestones are met. In return, the district will receive rent and generation royalties.

“We will be developing the world’s first technology to provide utility grade energy that is clean, safe and economically viable, with or without government incentives or subsidies,” Colwell said. “With the world’s focus now firmly set on renewable energy targets, projects like this one are imperative.”

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