June 2 (SeeNews) - AltaRock Energy Inc’s yieldco Baseload Clean Energy Partners (BCEP) is acquiring the 49.5-MW Faulkner 1 geothermal power plant in Nevada from EIG Global Energy Partners, as announced on Monday.
The buyer’s plan is to use AltaRock Energy’s multi-zone stimulation process combined with wellfield and power plant improvements to boost the plant’s power output. “We have identified several other geothermal projects that can benefit from our technology and expertise, and are excited about the prospect of creating new geothermal capacity without drilling a single new well,” said BCEP chief executive Aaron Mandell.
The Faulkner 1 station, owned by Blue Mountain Power LLC, is selling all of its output to NV Energy (NYSE:NVE). The yieldco is acquiring 100% of Blue Mountain's equity and assuming debt. Financial details on the transaction were not disclosed.
Baseload Clean Energy Partners was established by AltaRock to build a portfolio of clean, baseload power assets, both through targeted acquisitions and traditional development. The unit is betting on the next-generation enhanced geothermal energy (EGS) technology and processes developed by its parent.