NZ energy company Mercury sold interest in Hudson Ranch I geothermal plant in California
NZ energy company Mercury nets USD 27 million from sale of stake in Hudson Ranch I geothermal power plant in the Salton Sea, California to a subsidiary of Macquarie Infrastructure Partners.
In a release shared this week, New Zealand-based energy operator Mercury announced having sold its interest in the Hudson Ranch 1 geothermal power station (HR1, John L. Featherstone Plant), located on the Salton Sea in California, to a subsidiary of Macquarie Infrastructure Partners V, a fund managed by Macquarie Infrastructure and Real Assets.
Mercury acquired its interest in Hudson Ranch 1 in 2010, partially funding the development of the 55 MW geothermal station which has now been operating for over eight years. Mercury received net proceeds for the sale of approximately NZ$40m (around USD 27 million).
Mercury has retained its minority interest in EnergySource LLC, the developer and operator of HR1, and EnergySource Minerals LLC, a related company currently trialling lithium and other mineral extraction from the geothermal brine at HR1.
Mercury Chief Executive, Vince Hawksworth, said the sale outcome was pleasing and capped off a successful investment at HR1, while the minority interest retained in the EnergySource companies allows Mercury to participate in any further value brought about by the development of innovative mineral extraction technologies currently underway.
Source: Mercury company release