Baseload Capital taking over Wineagle geothermal project in California
Following the delay of the project, Swedish Baseload Capital has taken over the ownership of the Wineagle geothermal project in California allowing the completion by technology provider Climeon.
Swedish heat power supplier Climeon reports changes to the ownership of the Wineagle project, allowing the company to complete installation of four geothermal heat power generation units on site.
Climeon-related Baseload Capital has taken over the project from Wendel Energy Operations I and the land lease of the site has been transferred to a newly formed entity controlled by the company. External factors have delayed the project and the set up of units, which were delivered to the site in December 2018. The original owner ordered the units in 2017.
“We’re very pleased that we will now be able to complete our first US project with Baseload Capital as the new power plant owner”, says Thomas Öström, CEO of Climeon. “Finalizing this pilot installation is strategically important for our future business in the US,” continues Thomas Öström.
Together with Baseload Capital, who was part of financing the original customer project, Climeon has been working to find a solution to complete the project. Baseload Capital has now taken over the land lease agreement for the intended site, as well as the associated Climeon Heat Power equipment. Following the change of site management, Climeon will be able to fulfil its commitments regarding installation and commissioning, with Baseload Capital as end customer. Now, the work connected to setting a new time plan for installation and commissioning can start.
Source: Climeon company release