Denham Capital’s affiliate has announced it will invest $108 million in geothermal developer Vulcan Power Co. bringing Denhamp’s total investment in Vulcan to $166 million.
The capital infusion will allow Vulcan to extend its portfolio by more than 300 MW of estimated geothermal resources and when operational, will provide baseload renewable energy for up to 300,000 homes. Vulcan’s geothermal property portfolio currently consists of approximately 170,000 acres of prime geothermal properties in Nevada, California, Oregon, and Arizona.
Robert Warburton, acting CEO of Vulcan, commented on the financing: “Geothermal development requires greater capital investment upfront compared to other renewable power projects, but once built, geothermal has significantly lower all-in costs making it very competitive with traditional, non-renewable generation sources. Denham understands both the below ground and above ground dynamics of geothermal development, making them a great resource to Vulcan. This investment ensures Vulcan has the capital to continue the execution of its development program.”
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