USA, Hawaii, New Zealand:

Eastland Group Withdraws from Hawaii Geothermal Project (Gisborne Herald)

The company is still willing to invest in other geothermal opportunities as they arise.

New Zealand based energy and logistics company Eastland Group Ltd has pulled the plug on a potential $10 million investment in a project to build a geothermal power plant in Hawaii. More than two years after the idea was first mooted, Eastland Group chief executive Matt Todd yesterday confirmed the company decided last month not to take the process any further.

Eastland Group’s investment in building a 25 MW plant on Hawaii’s Big Island would have been as a 20 percent partner, costing $5m-$10m, with Innovations Development Group (IDG) and the Office of Hawaiian Affairs.

Eastland Group subsidiary Eastland Generation already runs a 8.5 MW geothermal plant near Kawerau. The decision to pull out of the Hawaii deal will not affect plans for a second power plant at Kawerau, or the company’s relationship with IDG, said Mr Todd. Last year the company received consent for Eastland Generation’s Te Ahi O Maui geothermal project to go ahead, with plans to build a 15 MW to 20 MW plant.

“Eastland Group believes the future of geothermal energy is promising, and we continue to investigate geothermal investment opportunities. Electricity demand has flattened over the past few years but there are strong signs that demand is now increasing on the back of positive economic growth in New Zealand. New generation will be required to meet this increased demand as well as to replace ageing, expensive and polluting thermal plant.”

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