Chinese Kaishan acquires Fish Lake geothermal project in Nevada
With the Fish Lake geothermal project Kaishan acquires another project in Nevada with the plan to build a 10 MW plant.
China’s Kaishan Compressor has spent USD5.1 million to buy its third geothermal project in Nevada from Berkshire Hathaway. The company paid $3.2 million for the project and $1.9 million for the land leasing contract.
The Chinese company is working to transform itself from a large compressor equipment maker into a green energy firm. It is operating or has contracted to build geothermal projects in several countries, including Hungary and Kenya.
The US is one of the world’s most important geothermal power markets, and after the Star Peak and Wabuska projects, Kaishan’s third project in Nevada will help it transform into a renewable energy equipment manufacturer, it said.
The Fish Lake project has five standard-size geothermal wells. The area’s assets are valued at $15 million, much higher than the contract price, said the buyer. Kaishan will build a geothermal power station with about 10 MW of output to raise the project’s total to 31 MW.
Source: Yicai Global