Details on results and key bidders of recent geothermal lease sale in Nevada
The recent geothermal lease sale in the State of Nevada, saw 37 parcels of a total 142 available being sold to a total of 9 companies. Ormat Nevada and Western States Environment and Resources both picked up 11 parcels representing the largest share in the parcels sold.
This week, we reported on the geothermal lease sale in Nevada and now details about the actual results have been shared by BLM.
Despite, not all parcels being sold, the geothermal lease sale resulted in competitive bids for 102,402.85 acres of the 384,369.59 acres offered.
The combined bids from the sale brought in $637,892.00 which will be distributed between the Federal government and Nevada.
The BLM offered 142 parcels in Churchill, Elko, Esmeralda, Eureka, Humboldt, Lander, Pershing, Washoe, and White Pine counties.
The largest amount received for a parcel, $96,000.00, was from Western States Environment and Resources LLC out of Houston, TX for 4,799.99 acres in Churchill County. The highest bid was for $20 per acre. For more details about the sale results, please visit https://www.blm.gov/programs/energy-and-minerals/renewable-energy/geothermal-energy/regional-information/nevada.
Geothermal leases are for an initial 10-year period with the opportunity to extend if diligent exploration and development occur.
Fifty percent of the funds collected as bids, rent and royalties are disbursed to the state, 25 percent disbursed to the county the lease is located in and 25 percent to the U.S. Department of the Treasury.
Here key results:
- A total of 13 bidders
- 37 parcels received bids
- $96,000 highest bid per parcel
- $20 highest bid per acre
Winners of the bids are:
- Federal Abstract Company – 2 parcels
- NGP Blue Mountain I, LLC – 1 parcel
- Ormat Nevada Inc. – 11 parcels
- Raser Power Systems, LLC – 3 parcels
- Terra-Gen Dixie Valley, LLC – 2 parcels
- Tim Tucker (individual) – 5 parcels
- UC Won – 1 parcel
- Western States Environment and Resources LLC – 11 parcels
- Willoughby & Associates, PLLC – 1 parcel
Looking at the bidding history, one can clearly see some of the more contested parcels, seeing 4-6 more contested parcels, while 28 saw only single and minimum bids that won.