Clean Energy Alliance signs LOIs with three geothermal developers
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California-based Clean Energy Alliance has signed LOIs with three geothermal developers to provide early-stage support for geothermal power projects.
California-based multi-agency community choice aggregator Clean Energy Alliance (CEA) has signed four exclusive letters of intent (LOIs) with three geothermal developers, providing early-stage support for geothermal projects to help the developers secure financing while ensuring that CEA locks in access to geothermal power in the future.
The three geothermal developers and the details of the LOIs are as follows:
- Under the Geothermal Portfolio Advancement & Commercial Term Sheet (GEOPACT) Letter of intent, GreenFire Energy is advancing a portfolio of geothermal projects across California which will support delivery of up to 100 MW of capacity across three sites.
- Ignis H2 Energy is advancing the Weepah Hills project in Esmeralda County, Nevada, building on historical subsurface exploration of the Weepah Hills / Alum region with modern geophysical surveys. This aims to reduce uncertainty ahead of commercial-scale development. Drilling sites have already been identified and drilling is expected to commence within 60 days. This will mark the first resource confirmation well of Ignis H2 Energy in the company’s Western US development program.
- TLS Geothermics is scaling a repeatable model for identifying high-potential geothermal systems through the use of advanced computational science, machine learning, and systems-based geoscience. The company is operating across a growing transatlantic portfolio in Europe and the United States
CEA views clean, firm power as a critical component of its strategy to provide 100% renewable energy to customers by 2035. Geothermal power is considered a critical part of this strategy as a uniquely reliable “always-on” backbone for the clean energy grid.
“In order to power California towards its vital yet ambitious 100% renewable energy future, the need for additional clean, firm renewable resources has never been greater,” says CEA Chief Executive Officer Greg Wade. “The development of geothermal resources will be an essential part of delivering on both the state’s mandates and on our own goal of providing consistent and reliable renewable energy to our customers in the years to come.”
“California represents a significant long-term opportunity for next-generation geothermal development, and these projects are an important step in expanding GreenFire Energy’s growing portfolio of geothermal offtake opportunities across the state. We’re excited to work with Clean Energy Alliance to help deliver reliable, around-the-clock carbon-free power that supports long-term grid reliability and energy resilience,” said Cory Draper, COO of GreenFire Energy.
“Geothermal becomes infrastructure when decisions are driven by converging subsurface evidence, not optimism. CEA’s willingness to engage developers early – when capital is most needed and most valuable – is exactly the kind of partnership that turns prospective resources into delivered megawatts. We’re proud to bring our Western U.S. portfolio to that effort,” added Richard Calleri, CEO of Ignis H2 Energy.
“As California accelerates toward its ambitious clean energy goals, the need for reliable, 24/7 clean power has never been more urgent. We are thrilled to partner with Clean Energy Alliance to help meet that need. By combining CEA’s forward-thinking vision with TLS’s geothermal expertise, we can help unlock the Earth’s heat as a source of clean, firm power for California’s evolving grid. This collaboration represents an important step toward a more resilient and fully decarbonized energy future,” further said Mathieu Auxietre, CEO of TLS Geothermics.
Source: Clean Energy Alliance
