USA, California:

Fitch Affirms Geysers Company Outlook as Stable - "Geothermal Operations are Excellent" (Reuters)

Rates $31.9 million Geothermal Project revenue bonds at 'A+'

The Northern California Power Agency (NCPA) geothermal project is located on federal land in The Geysers, about 70 miles north of San Francisco. Geothermal project operations have been excellent, with availability factors above 95% in the last five years.

A recent upgrade of the turbines for units 1 and 2, financed with a private placement of debt worth approximately $12.4 million, was the last significant capital project expected over the next decade or so. The upgrade is expected to extend the project's life to at least 2037 with output expected to decline at approximately 2.3% annually from about 109 MWe in 2014.

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