Sunday, October 10, 2010

Geothermal energy project to supply Phoenix

Raser Technologies says they have sold a 51% interest in Lightning Dock Geothermal Project in Animas County, New Mexico for $15.3 million.

According to the announcement, "Raser has a 20-year Power Purchase Agreement (PPA) with Salt River Project to sell renewable energy from the Lightning Dock Project into Phoenix, Arizona. When complete, the proposed project is expected to deliver up to 15 MW of geothermal power."

They report that the company "recently re-entered a well (TFD 55-7) at Lightning Dock that was drilled in 1984 and was later abandoned. Initial test results from the well are encouraging and indicate geothermal water temperatures greater than 300 degrees Fahrenheit with favorable chemical properties." [right, cross section of Lightning Dock field with temperature contours. Credit, Raser Technologies]

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