EIG announces investment in Enhanced Geothermal developer Power Planet
Developer Power Planet has secured investment from EIG to support its Enhanced Geothermal project at the Star Peak site in Nevada.
EIG Global Energy Partners (EIG) has announced the inaugural investment of the EIG Geothermal Catalyst Partners, LP. (GCP) in Power Planet, a geothermal development company advancing Enhanced Geothermal Systems (EGS) projects. The investment will support the development of Power Planet’s Star Peak EGS project in Nevada, as well as the company’s broader portfolio.
“The Fund’s inaugural investment is an important milestone and reflects the opportunity we see to support next-generation geothermal development in the United States,” said Andrew Ellenbogen, President of EIG. “We believe Power Planet’s portfolio is well aligned with the Fund’s mission of providing development capital to help advance geothermal projects through key technical and commercial milestones, and we look forward to supporting the company as it advances the Star Peak project and its broader portfolio.”
EIG believes geothermal can play an increasingly important role in meeting growing electricity demand with firm, reliable and low-carbon power. The GCP Fund seeks to support high-quality geothermal projects at key stages of their development. GCP’s investments are expected to help sponsors address technical and commercial risks and to enable broader institutional participation in the geothermal sector, while seeking attractive, risk-adjusted returns consistent with EIG’s disciplined investment approach.
Star Peak is Power Planet’s lead development effort, is expected to benefit from existing geothermal infrastructure, available interconnection capacity and subsurface data from the Star Peak geothermal field. Earlier this year, Power Planet signed a cooperation agreement with Open Mountain Energy to develop the Star Peak EGS project. With a proven resource base, existing power generation infrastructure, and grid connection, the Star Peak site provides a more established path to commercialization should the EGS pilot become a success.
Power Planet was also one of the companies deemed “awardable” for geothermal projects in US Department of Defense branches and facilities.
“We are excited about Star Peak because it represents a compelling path to bringing new EGS power to the U.S. grid,” said Keith Elliott, CEO of Power Planet. “We expect to begin delivering EGS electrons in 2027/2028. EIG’s partnership has been instrumental in accelerating the project and attracting additional capital. We are honored that Power Planet was selected for the Fund’s inaugural investment, which supports our next phase of growth.
Source: EIG via BusinessWire