News

ThermaSource receives growth capital

ThermaSource Drilling Rig #105 on site in California (source: Canadian-Wellsite.com
Alexander Richter 9 Mar 2010

US Renewables Group, LLC, Riverstone Holdings LLC and The Carlyle Group are providing growth capital for the acquisition of drilling rigs to ThermaSource, a California-based provider of drilling, engineering and consulting services to the geothermal energy sector.

In a release by the three companies, “US Renewables Group, LLC (“USRG”), Riverstone Holdings LLC (“Riverstone”) and The Carlyle Group announced that they will provide growth capital to ThermaSource, a Santa Rosa, California-based provider of drilling, engineering and consulting services to the geothermal energy sector. Funds will come from USRG and Carlyle/Riverstone Renewable Energy Infrastructure Fund (“CRREIF”) and be used to acquire new and reconditioned drilling rigs. US Renewables Group and Carlyle/Riverstone are making their investment through their affiliate GRR Holdco, LP, an owner of geothermal drilling rigs. Financial details were not disclosed.

“We are enthusiastic about the opportunity to partner with two proponents of geothermal energy, USRG and Riverstone,” said Lou Capuano, Chief Executive Officer of ThermaSource. “With their support, ThermaSource will have the resources required to meet the critical needs of an expanding market for geothermal drilling and consulting.”

“The opportunity to partner with ThermaSource was one of the attractions in acquiring and restarting the 55 megawatt Bottle Rock geothermal power project in the Geysers,” said Tom King, Managing Director of USRG Management Company, LLC. “ThermaSource has been the premier drilling services company serving the geothermal sector. Their experience and expertise will help accelerate the expansion of geothermal energy.”

“We are excited to back Lou and his ThermaSource team,” said Stephen Schaefer, Managing Director of Riverstone. “We expect great opportunities in the next several years in the geothermal industry and believe that ThermaSource will be at the center of much of that growth.”

Source: Company release via Hao-Odnla