Alternative Energy - Tuesday, February 2, 2010
Geothermal's Vulcan Power Raises $108M
Bend, OR-based Vulcan Power Co. has raised $108M in private equity funding from Denham Capital. This is the second equity investment in Vulcan by Denham Capital and brings its total investment in Vulcan to $166M. Other shareholders include a principal investing division of Bank of America Merrill Lynch.
Vulcan’s geothermal property portfolio consists of 170K acres of geothermal properties in Nevada, California, Oregon and Arizona. Vulcan says that the new investment will allow it to continue ongoing development of properties representing more than 300 megawatts of estimated geothermal resources on half of the company’s total acreage. This capacity could provide energy for up to 300K households. Vulcan has signed 20-year term agreements with Nevada Power Company and Southern California Edison Company.
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