Renewables

New Zealand company can increase ownership in geothermal energy company

New Zealand Mighty River Power increases ownership stake in EnergySource John L. Featherstone geothermal power plant

New Zealand-based Mighty River Power announced it has negotiated an extension to the option to increase its ownership interest in U.S.-based EnergySource until the first quarter of 2014.

Mighty River Power currently owns a 20 percent interest in EnergySource, a geothermal company. An original option to increase Mighty River Power’s ownership interest to 33.33 percent expired in May 2013, but the company will now have additional time to consider whether it will exercise the option.

EnergySource is the developer of the John L. Featherstone Plant, a 49.9 MW geothermal plant in Imperial County, Calif. with a 30-year power purchase agreement with Salt River Project. The company is currently developing Hudson Ranch II, another 49.9 MW geothermal plant in the same area.

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