Baseload Clean Energy Partners acquires the Blue Mountain Geothermal Power Plant
Baseload Clean Energy Partners (BCEP), a yieldco owned and operated by AltaRock Energy, has acquired Blue Mountain Power LLC from EIG Global Energy Partners.
Located in northern Nevada, Blue Mountain Power owns the 49.5 MW Faulkner 1 geothermal power plant supplying electricity to Nevada’s public utility, NV Energy. BCEP is purchasing 100% of the equity, plus the assumption of remaining debt, for an undisclosed sum.
The company is planning an improvement program using AltaRock Energy’s innovative multi-zone stimulation process combined with wellfield and power plant improvements to increase the project’s power output.
Baseload Clean Energy Partners was established for the purpose of building the leading portfolio of clean, baseload power assets by leveraging the unique advantages of next generation enhanced geothermal energy (EGS) technology and processes developed by AltaRock Energy. Faulkner 1 is Nevada’s second largest geothermal plant and contributes to BCEP’s overall goal of acquiring projects that benefit substantially from improvements using more advanced technology.
Aaron Mandell, Chief Executive Officer of BCEP, stated:
“Our goal is to bring online a new set of clean, baseload power assets and the first step is demonstrating that enhanced geothermal power provides attractive financial returns compared to other forms of clean energy. Many legacy geothermal projects have suffered performance declines, but improvements in how the underlying resource is managed will enable this form of energy to compete head-to-head with coal. We have identified several other geothermal projects that can benefit from our technology and expertise, and are excited about the prospect of creating new geothermal capacity without drilling a single new well.”
Susan Petty, Founder and CTO of AltaRock Energy, commented:
“The Falkner 1 project offered us a great opportunity to demonstrate how our patented EGS technology can reverse a trend of declining output and actually provide substantial increases in the power generation of the plant. We are planning on stimulating some existing wells to create permeability to connect them to the existing well field and create new injectors for the system. This will both expand the geothermal reservoir and help optimize the system to take better advantage of the geothermal resource there.”
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