Utah-based geothermal energy company Cyrq Energy plans to develop 219 MW of projects in the near term to grow its footprint in a sector, which, CEO Nick Goodman - a GRC member - believes, needs consolidation.
Cyrq is reviewing a number of different development and acquisition options within the US geothermal sector and is interested in the combination of solar and geothermal energy, Goodman told Renewables Now. The company is mostly operating in the US, but not exclusively.
“We are largely focused on the US West, but also scan opportunities abroad such as Kenya’s Great Rift Valley,” he said.
At present, Cyrq is holding talks with investment grade counterparties regarding the signing of power purchase agreements (PPAs) for five projects with a total gross generating capacity of 219 MW. All five have land rights secured and Cyrq has confirmed that there is a significant geothermal resource at each site. Transmission and pre-well drilling studies have already been concluded, and temperature gradient (TG) and slim wells have been drilled to confirm the development plan.
Cyrq hopes to agree contracts for the delivery of power to off-takers in each project’s region.
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From the Global Geothermal News archives:
- Monday, November 19, 2018 - Kenya: Approval for Cyrq Energy 75 MW Suswa Geothermal Power Project Requested
- Monday, October 29, 2018 - Kenya: Cyrq Energy Plans 330 MW Geothermal Power Plant in Suswa
- Wednesday, October 2, 2017 - USA, Utah: Cyrq to Provide 20 MW Geothermal Energy to University of Utah