Mighty River Power exits geothermal projects in Chile and Germany

Mighty River Power exits geothermal projects in Chile and Germany GeoGlobal Energy project site in Chile (source: GeoGlobal Energy)
Alexander Richter 16 Dec 2014

Mighty River Power announced exiting its geothermal investments in Chile and Germany, while keeping its stake in an operating geothermal asset in the United States.

As reported today, New Zealand’s Mighty River Power has announced that it will exit its geothermal development interests in Chile and Germany. At the same time the company will keep its stake in the operating U.S. interest at the Salton Sea, California.

As part of broader strategic plans by the company, it had earlier announced a review of its international geothermal investments.

“We are very clear about Mighty River Power’s strategy and direction that we outlined to our shareholders last month – the current strategic focus is on incremental consumer-focused growth options, including smart meter deployment and data services,” chief executive Fraser Whinery said in a statement.

“Geothermal remains a core capability for Mighty River Power and indeed New Zealand. We look forward to pursuing future geothermal development options in New Zealand when commercial conditions are right for investment, as well as opportunities to leverage our expertise internationally without significant capital investment.”

MRP will sell the Chile and German assets and will not invest any more development capital in the US where it has an interest in a 50MW operating plant and a minority stake in a geothermal development company.