Ram Power signs amended PPA with NCPA for project at The Geysers
Drilling rig on The Geysers project site of Western GeoPower (probably around 2007/ 2008) (source: Western GeoPower)
Alexander Richter
10 Jun 2011
Ram Power announces that the Northern California Power Agency (NCPA) signed an amended and restated power purchase agreement for 26MW and 25 years with its subsidiary Western GeoPower for all energy from the proposed geothermal plant at The Geysers in California.
In a release today, “Ram Power, Corp. (TSX: RPG) announces that the Northern California Power Agency has signed an amended and restated power purchase agreement (the “Power Purchase Agreement”) with the Company’s subsidiary, Western GeoPower, Inc. , for the purchase of all energy and available environmental attributes from WGP’s proposed geothermal power plant at The Geysers Geothermal Field in Northern California. Among other things, the Power Purchase Agreement adjusts the purchase price, updates the milestones for completion of the Project, adjusts the expected capacity of the Project to approximately 26 MW (net) and extends the term of the agreement from 20 to 25 years.
The Geysers Geothermal Field, located 75 miles north of San Francisco, California, is the largest producer of geothermal electricity in the world. Commercial geothermal power has been generated continuously at The Geysers Field since 1960, the present generation level being about 900 megawatts of clean, base load electricity. WGP owns or leases all of the geothermal rights necessary to develop the Project. The Project’s steam field is situated in the southwestern region of The Geysers Field in Sonoma County. A commercial power plant of 62 megawatt (gross) capacity, known as PG&E Unit 15, operated at the steam field during 1979-1989.
“NCPA has a longstanding commitment to clean, renewable geothermal energy from The Geysers, and we are very pleased to be furthering that goal through this agreement with Ram Power,” said James H. Pope, General Manager of NCPA. “By expanding our geothermal production from four to five plants at The Geysers, NCPA is furthering our long-standing objective of providing reliable and affordable green energy for NCPA member communities throughout Northern and Central California.”
“The Geysers continues to be a key source of clean energy for my community as well as for several other NCPA members. The addition of this new agreement for the generation from Western GeoPower Unit One will bring additional investment and jobs to the region — benefitting electricity ratepayers, our environment and our local economy,” said NCPA Chairman Gary Plass, Vice Mayor of the City of Healdsburg.
“The Company remains vigilant in executing the business plan for the Geysers project,” stated Walt Higgins, Interim President and CEO of Ram Power. “We are very pleased to have NCPA partner with the Company in delivering clean, reliable geothermal power to Northern California.”
NCPA, located in Roseville, California, is a joint powers agency providing clean, renewable energy to its 17 member communities and districts in Northern and Central California. Founded in 1968, NCPA owns and operates power plants that together comprise a 95% emission-free generation portfolio. NCPA owns and operates geothermal power plants, hydroelectric plants, simple combustion turbine plants and steam injected combustion turbine plants.”
Source: Company release via Marketwire
