Oregon geothermal project fails due to cheap fossil fuels
Geothermal developer Klamath Basin GeoPower has filed for bankruptcy in the U.S., claiming availability of cheap fossil fuels as key reason for failing to secure sufficient funding for its geothermal power project near Klamath Falls, Oregon.
Reported locally, Klamath Basin Geopower, which had plans to develop a geothermal power project near Klamath Falls, Oregon has filed for bankruptcy last week.
Bill Honjas, president and CEO of Klamath Basin Geopower (KBG), said the availability of cheap fossil fuels such as natural gas, hindered his company’s ability to gather financing. The firm filed for bankruptcy Nov. 24 in federal court in Reno, Nev.
We reported on the company several times before on the two geothermal wells the the company had drilled between 2012 and 2014.
With assets of around $1 million the company, lists in the bankruptcy filing $10 million to $50 million in outstanding debts to creditors.
Source: Herald and News