Green Green:  Financing News for the U.S. Geothermal Industry

Volume 2, Number 3
30 June 2001


First Canadian Geothermal Power Plant Back on Track

Focus on Indian Lands: Power Generation

Elem Pomo Tribe to Develop 250-MWe Geothermal Power Plant

Asian Development Bank Update and New Projects


In Short

Upcoming Events

Other Geothermal and Related Calendars

Geothermal Project Pipeline

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First Canadian Geothermal Power Plant Back on Track

According to an assessment of the South Meager Geothermal Power Project in Canada conducted by GeothermEx, Inc., the estimated Net Present Value of the projected after tax flows for a 150-MWe project at the site is approximately US$212 million (on the basis of a total cost of US$538.3 million [capital, operating, and interest during construction]).

The model for 150 MWe (3 x 50 MWe) is based on the same debt to equity ratio and pricing structure as 100 MWe. The economics of 200 MWe may be examined following completion of the well confirmation program.

Acquired by Crew Development Corporation (Crew) in 1988, the South Meager resource is held under the only geothermal lease issued in Canada for commercial production of electricity. Well temperatures exceed 250°C. GeothermEx estimated that the resource has a most likely electrical power capacity of at least 192 MWe.

In 1992, Crew entered into a Joint Venture with a division of Guy F. Atkinson Company to develop an initial 60-MWe plant. Further development of the project was suspended in 1995 due to the unfavorable market climate for independent power producers in British Columbia. Due to recent changes in the electricity market, however, and B.C. Hydro's green energy quota, the project has been revived.

B.C. Hydro requires that 10% of all new generation resource acquisitions must be new green resources. It contemplates acquiring 15 MWe per year of green resources from 2007 to 2010. Crew carried out an analysis which concluded that the South Meager Geothermal Project will qualify as a green resource and that its pricing will be competitive with other green resources.

Located approximately 170 kilometers north of Vancouver, British Columbia, the province's major electrical load center, South Meager will be Canada's first geothermal power project.

Crew is a mid-sized international mining company based in Vancouver, Canada. The company is active in Norway, Canada, Greenland, the Philippines, and Africa.


Focus on Indian Lands: Power Generation

Energy is a major issue for Native American tribes. According to a 2000 report by the Energy Information Administration, "Energy Consumption and Renewable Energy Development Potential on Indian Lands," 14.2% of Indian households on reservations lack electricity, compared to 1.4% of the general population. Many tribes are worse off: on the Navajo reservation in Arizona, nearly 37% of homes do not have electricity.

Yet many reservations are situated on land rich in energy resources: water, sun, geothermal, wind, coal, oil, or gas. While many have been collecting royalties for decades, they want to get into power production -- where the money and the action are.

Several tribes are planning power projects. The Gila River Indian Community is planning a 100- to 500-MWe plant for their reservation outside Phoenix. The Dine Power Authority of the Navajo Nation is hoping to build a 1000-MWe gas-fired plant and 462 miles of transmission lines. The Elem Pomo Tribe is planning a 250-MWe geothermal power plant (see following article).

Many Indian lands have geothermal resources (see Figure 15 from the EIA report below). Power generation resources are located on Indian lands in Arizona, California, Idaho, Nevada, New Mexico, Oregon, South Dakota, and Utah. Resources suitable for direct use are located on Indian lands in the same states plus Colorado, Montana, Nebraska, Oklahoma, and Washington. Native Americans are an important constituency under DOE's GeoPowering the West program.

Geothermal Resource Potential

In the debate over President Bush's Energy Plan, Native Americans are pushing legislation to promote the development of power generation on Indian lands. The Intertribal Energy Network, a committee of tribal associations, met with a staff member of Bush's energy task force to promote the development of energy resources on Indian lands for power generation. The Senate Committee on Indian Affairs convened an energy roundtable in May, and is planning a joint oversight hearing on Indian energy issues with the Senate Energy and Natural Resources Committee.

In addition, the Senate Indian Affairs Committee is reviewing several draft bills including the Tribal Energy Self-Sufficiency Act backed by the Council of Energy Resource Tribes (CERT). The bill calls for:

  • Establishing an Office of Indian Energy Policy and Programs in the Department of Energy (DOE);
  • Directing DOE to make grants to tribes for planning, building, and maintaining power plants and transmission lines; and
  • Creating an Indian Energy Loan Guaranty Fund for DOE to secure up to $2 billion in loans for power plant projects.

Senator Jeff Bingaman (D-NM), Chair of the Senate Energy Committee, calls for the establishment of an Office of Indian Energy Policy and a loan program for Indian power projects in his national energy bill.


Elem Pomo Tribe to Develop 250-MWe Geothermal Power Plant

The United Native Depository Corporation (UNDC) signed an agreement in June to develop a 250-MWe geothermal power plant on the Elem Pomo Indian Tribal Site in Sulphur Bank Rancheria, California. Under the terms of the agreement, UNDC will pay $125 million for construction, and receive 85% of the plant's net profits for 50 years. After the construction financing has been repaid, the Elem Pomo Tribe will receive 51% ownership of the plant with UNDC holding 49%. Focal Corporation will develop the plant and receive 25% of UNDC's share of the net profits for 50 years.

According to Mr. Stephen Browne, tribal administrator for the Elem Pomo Tribe, "the geothermal power plant is a win-win situation...the Elem Pomo Tribe has the opportunity to increase its own economic well being and at the same time assist California with its energy crisis."

UNDC acquired a controlling interest in Focal Corporation in May. Focal's new management will develop turbine-operated electrical power plants on Native American Reservation lands and government municipalities throughout the western United States. Plans for five other 49.5-MWe power plants are being drawn and scheduled for approval and construction by the end of the year. According to Deni Leonard, Chairman and President of UNDC, approximately 40 other locations are being negotiated to acquire the developing rights for Oakland, San Francisco, and other major California power-starved municipalities.

Focal Corporation is a publicly traded company on the NASD Over the Counter Bulletin Board (FCLO). UNDC is a financial holding corporation organized under the laws of the jurisdiction of the Navajo Nation. UNDC is 100% owned by Native American members whose objective is to increase the economic well-being of the indigenous population.


Asian Development Bank Update and New Projects

The Asian Development Bank (ADB) has changed its requirements for consultants. Registration in ADB-DACON (ADB-Data on Consulting Firm) is now mandatory for consulting firms or organizations wishing to be considered for short-listing for a technical assistance project. ADB-DACON is an inventory of suitably qualified firms and other organizations from ADB member countries eligible to provide consulting services for ADB projects. Firms or organizations which are not registered will not be short-listed even though they may have expressed interest in a project.

The ADB selects a consultant for a TA grant based on its prior Expression of Interest (EOI). The EOI should relate a firm's experience and expertise to the ADB project. It is important for a U.S. firm to emphasize its similar project experience in the country or in a similar geographic area rather than presenting a general profile of its consulting activities.

The ADB has two new Advisory and Operational Technical Assistance (AOTA) projects in the pipeline that may be of interest:

  1. Kazakhstan, Energy Sector Study (Project No. KAZ 35114-01) -- The objective of the technical assistance (TA) is to formulate a strategy for sustainable energy sector development for guiding future investments in the energy sector that will improve energy supply to remote areas. A broad framework will be established to assess the scope to improve energy supply system reliability and efficiency, determine the priorities for rehabilitation and maintenance, and promote decentralized renewable energy development. The TA will consist of the formulation of the energy sector strategy based on an assessment of the (i) energy sector studies financed by other aid agencies; (ii) a review of energy sector policies, institutional frameworks and regulations; and (iii) existing government plans and strategies.

    About 12 person-months of international and 6 person-months of domestic consultants will be engaged. The consulting team will comprise of experts in energy sector development including renewable energy; energy economics and institutional development; environmental issues; and social and poverty reduction analyses. No action has yet been taken to recruit consultants. Executing Agency: Ministry of Energy and Mineral Resources. US$245,000.

    ADB Project Officer: Aminul Huq (email).
    In-country Commercial Officer: James Fluker (email), Commercial Officer, American Embassy Almaty.

  2. Viet Nam, Power Sector Road Map (Project No. VIE 34343-01) -- TA will directly address sector reforms required to establish more commercial orientation, improved efficiency and economic growth, more private investment in the sector, and promote good governance. TA scope will include: (i) organize workshops to review and revise, as required, Viet Nam's Power Sector Policy paper of 1995, and the power sector reform objectives; (ii) workshops to reach agreement on long-term structure and market model of the power sector, and the roles of various government offices, private sector, and other industry stakeholders; and (iii) prepare more detailed time-bound action plans to implement the major components of the power sector reform and to resolve transition issues. Executing Agency: Ministry of Industry. US$400,000.

    About 8 person-months of international consulting services can be financed under the TA budget. A small budget is also provided for local consultants. Status of Consulting Services: No action has been taken to recruit consultants.

    ADB Project Officer: John Kuiper (email).
    In-country Commercial Officer: Mike Frisby (email), Counselor for Commercial Affairs, American Embassy Hanoi.

For more information, contact the ADB project officer and the in-country commercial officer. In addition, the U.S Commercial Liaison Office in the ADB is ready to provide assistance to U.S. firms upon request. Contact: Stewart Ballard (email), Senior Commercial Officer, U.S. Commercial Liaison Office, ADB. Fax: [63-2] 887-1164.


In Short

  • Thirty energy experts and representatives from public utilities, electricity generating companies, renewable energy marketers, state regulatory agencies, and renewable energy advocacy organizations met in New York in June to discuss future markets for Tradeable Renewable Energy Credits (TRCs). The Center for Resource Solutions (CRS) hosted the meeting to create criteria for TRC-based certification. Also known as "green tags" or "green certificates," TRCs may be sold separately from electricity or combined with system power at the point of sale. CRS runs the Green-e program, which certifies renewable energy.
  • Over the next six years, Portugal will receive a total European Union (EU) grant of about US$25.3 billion, a major portion of which will be earmarked for environmental projects. A small market of 10 million, with the lowest per capita energy consumption in the EU, Portugal imports 85% of its energy. Current Portuguese energy policy is designed to develop the country's indigenous resources, including geothermal. The projected investment for 2000-2006, and the need to bring Portugal's energy sector to EU levels may result in opportunities for U.S. geothermal project developers. For more information, contact Casimiro de Jesus (email), Commercial Specialist, American Embassy Lisbon.
  • The Asian Development Bank (ADB) will release the US$200-million second tranche of the loan for Philippine Power Sector Restructuring Program (Loan: PHI 31216-01) following satisfaction of the first of eight conditions: the enactment of the Electric Industry Reform Act (EIRA). The remaining seven conditions should be met by the end of July. According to Energy Secretary Vincent Perez , the Philippine government has no specific plan as to where the US$200 million loan would be spent. Such decisions will be made by the Department of Finance. The ADB loan is co-financed by Japan Bank for International Cooperation (JBIC). The two Banks have earmarked a total of US$600 million loan for the program, US$200 million of which was released in December 1998. The bulk was spent on the Leyte-Mindanao transmission project.
  • Following the return to the marketplace of sovereign, regional, and private company creditworthiness and enough private and public financial institutions and arrangers willing to look at transactions, the U.S. Department of Commerce has resurrected the BISNIS FinanceLink. Originally created in June 1998 to assist U.S. companies export or develop projects in the Commonwealth of Independent States, but put on hold following the Russian financial crisis, BISNIS FinanceLink helps U.S. companies locate trade finance by having them prepare one request that is forwarded to over 650 finance service providers. Participation is open to U.S. companies whose goods or services content exceeds 51%. For additional information, contact Philip de Leon (email), BISNIS Specialist for Finance, or Trevor Gunn (email), Acting Director, BISNIS.
  • According to a report by Andersen Consulting, the Russian Government's reform consultant, Russia will face electrical power blackouts in some regions ins 2-3 years if its electricity sector is not restructured. Under the restructuring proposal which Minister of Economic Development and Trade German Gref submitted to the Government in late June, the country's three-stage power sector reform will take 8-10 years to complete. Under the plan, the national utility company Unified Energy System of Russia (UES) will be transformed into two companies by 2004: one a purely transmission/grid operator company, retaining the UES name; the other a holding company that would own stakes in regional energos and generation companies. The latter would subsequently sell its stakes to strategic investors and be liquidated. Prime Minister Kasyanov must approve the restructuring plan before it goes to President Putin.


Upcoming Events

July October
August November
September December
7-10 July
38th U.S. Rock Mechanics Symposium
Washington, D.C.
Email: John Tinucci, Technical Program Director, Pan Technica Corporation

8-12 July
Web site: 4th International Thermal Energy Congress (ITEC 2001)
Cesme-Izmir, Turkey
The objectives of ITEC are to provide a firm bridge between northern and southern countries in the field of thermal energy technologies; to provide a forum and encourage a realistic dialogue at all levels, thus stimulating the professional communities and enhancing technical activities in the field; and to accelerate developments, innovations, implementations of R&D and exchange of information in thermal energy fields, including geothermal.

9-10 July
Web site: U.S. Export-Import Bank Seminar
Washington, D.C.
Learn how to obtain working capital, export credit insurance, guarantees, and loans; choose the right financing for your company or client; and apply and complete applications for financing at Ex-Im Bank.

30-31 July
Web site: Financing Latin American Power Projects, 2nd Annual
Miami, FL

31 July
Web site: Exporting to Central and Eastern Europe: The Basics of Documentation
Central and Eastern Europe Business Information Center (CEEBIC), U.S. Department of Commerce
USA Trade Center
Washington, D.C.

19-31 August
Web site: IAGA-IASPEI Joint Scientific Assembly
Hanoi, Viet Nam

26-29 August
Web site: 2001 Geothermal Resources Council Annual Meeting
Web site: Geothermal Energy Association Trade Show
San Diego, CA

26-31 August
Web site: Stanford/Heriot-Watt Forum on Reservoir Description and Modeling
Carmel-by-the-Sea, California

29 August-1 September
Web site: U.S.-China Clean Energy Symposium and Equipment Exhibition
Beijing, China
Email: Jean Ku or Debra Lew of NREL, or Lee Gebert, DOE
More than 300 booths will showcase the latest technology, products, services and developments in the field of clean energy. In conjunction with the exhibition, the Department of Energy, National Renewable Energy Laboratory (NREL), and China's Center for Renewable Energy Development will hold a a U.S.-China Renewable Energy Business Workshop and Study Tour in southwestern China. The study tour may include Tibet, Yunnan, and/or Sichuan. Exact date to be determined.

3-7 September
Email: 6th International Conference on Rare Gas Geochemistry
Cuernavaca, México

17-21 September
Web site: International Geothermal Days: "Germany 2001"
Bad Urach, Germany
Email: Prof. Kiril Popovski or Dr. Burkhard Sanner

17-21 September
Manufacturing Matchmaker Trade Delegation
Monterrey and Mexico City, Mexico
Email: Yvonne Jackson, Project Manager, Manufacturing Matchmaker 2001, U.S. Department of Commerce
The U.S. Department of Commerce, in cooperation with the National Association of Manufacturers, is organizing a Manufacturing Matchmaker Trade Delegation to Mexico. The manufacturing industry, including electrical power systems, is one of the fastest growing sectors in Mexico.
The program will match U.S. companies with potential business partners in Mexico. The U.S. Department of Commerce's Commercial Service will do all the background work, handle the logistics, and provide each participant with a personalized schedule of private business meetings. The participation fee is $2,850 per company.

21-25 September
Web site: Power Trends 2001: 4th International Exhibition on New Trends in Technologies for Energy and Power Engineering
Manila, Phillipines
Organized by Interfama International Pte Ltd., Singapore
Email: Interfama

8-10 October
Email: Power Generation and Sustainable Development
Liege, Belgium

15-17 October
Web site: Southeast Europe Economic Forum
Sofia, Bulgaria

21-25 October
Web site: 18th World Energy Congress
Buenos Aires, Argentina
Under the theme, "Energy Markets: The Challenges of the New Millennium," the 18th WEC -- the largest and most important global energy event -- will gather over 5,000 delegates, including ministers, regulators, CEOs of major energy companies, other industry operators, senior academic researchers, and consultants from approximately 50 international organizations and financing institutions.
The Buenos Aires Congress will be the first WEC Congress of the new millennium and the first to be held in Latin America.

4-8 November
Web site: 2nd World Conference on Technology Advances for Sustainable Development
Cairo, Egypt
The conference combines the 2nd International Conference on Renewable Energy and Environment Protection Technologies, and the 5th International Conference on Solar Electricity: Photovoltaics, Wind, and Solar Thermal Technologies.

5-6 November
Web site: Eyeforenergy Green Convention
Brussels, Belgium
What are the structural and economic forces driving investment in the alternative energy market? How are the energy majors already benefiting from green energy opportunities and how can your company develop a successful sustainable energy strategy? Get answers to these critical questions and listen to case studies from industry experts such as the European Commission, Enel, BG Group, and Edison.

7-9 November
Web site: 23rd New Zealand Geothermal Workshop
Auckland, New Zealand

7-10 November
Renewable Energy Indonesia 2001
Jakarta, Indonesia
Email: Stephen Luff, Overseas Exhibition Services

11-14 November
Web site: Distribution 2001
Brisbane, Australia
Email: Noela Cain, Commercial Specialist - Energy, U.S. Commercial Service, Melbourne, American Consulate

21-23 November
Web site: Geothermal Energy in Undergound Mines
Ustron, Poland
Email: Zbigniew Malolepszy, Faculty of Earth Sciences, University of Silesia

6-9 December
Enexpo Turkiye
Ankara, Turkey
Email: Farshid Bagherian, General Manager, S.S.D professional Group
Fax: [90] (312) 213-8532


29 June-5 July 2002
Web site: World Renewable Energy Congress VII & Exhibition
Cologne, Germany

16-26 August 2004
Web site: 32nd International Geological Congress
Florence, Italy
Email: Matteo Moscatelli, Newtours SpA

World Geothermal Congress 2005
Antalya, Turkey
WGC2005 First Announcement

To have your event listed, contact the Editor.


Other Geothermal and Related Calendars:


Geothermal Project Pipeline

The following projects are in various stages of development. Projects which have not been listed before are marked NEW.

Country Project Name Financing Source US$ (millions)

South Meager (150-250 MWe) Crew Development Corporation (Crew), Guy F. Atkinson Company $538.3 for 150 MWe
Costa Rica Miravalles IV (23 MWe) TBD TBD

The Costa Rican Institute of Electricity (ICE) is performing studies and investigations in the field.
Costa Rica Miravalles V (20 MWe)

Tender No. 6806-E
Inter-American Development Bank $31

Tender issued by the Costa Rican Institute of Electricity (ICE) March 2001; deadline for offers was 13 June 2001
Djibouti Assal Geothermal Power Plant (Feasibility Study) Geothermal Development Associates, U.S. Trade and Development Agency $.09
El Salvador Concessions of San Vicente and Chinameca Geothermal Fields Projects

Public Bid Nos. SIGET/GE-02/CG-2000, SIGET/GE-03/CG-2000
The General Superintendence of Electricity and Telecommunications of El Salvador (SIGET) invites national and foreign entities interested in the generation of electricity to submit information for the qualification phase for the concessions of San Vicente and Chinameca geothermal projects to be awarded for the construction and operation of power generation projects. Proposal submission deadline was 4 December 2000
Indonesia PLTP Derajat (275 MWe) Amoseas Indonesia, Chevron, Texaco, PT Derajat Geothermal Indonesia, PT Prasarana Nusantara $475

Tariff cut; project on track to come on-line in 2002
Indonesia Sarulla, North Sumatra Unocal North Sumatra Geothermal Ltd. The company has identified two development areas: Silangkitang with a capacity of 100 MWe, and Namora-I-Langit, which can support three generation units totaling 210-290 MWe.

Postponed in 1997; negotiations underway 2001
Kenya Olkaria II, 64 MWe (2 x 32)

Kingston Morrison, Mitsubishi Corporation, H. Young
European Investment Bank, World Bank (IDA), KFW (Germany), Kenya Electricity Generating Company (KenGen) $178

Due to be commissioned July 2002
Kenya Olkaria III, 64-100 MWe Ormat International

BOO with 20-year concession

13 MWe on-line; additional 4 MWe to be provided in December 2000
Kenya Olkaria IV, "Domes" and Eburru, 64 MWe Development will be open to the private sector; contact Ministry of Energy or Steve Hirsch Scheduled to come on-line 2005/6
México Cerro Prieto IV, 100 MWe (4 x 25) Japan Bank for International Cooperation, BNP Paribas, ING Bank, Mitsubishi $120.0

August 2000 - Cerro Prieto IV (100 MWe) began startup, BLT with a 12-year lease, the first private geothermal project in Mexico
México Las Tres Virgenes, 10 MWe (2 x 5) CFE Tender In development
México Los Azufres II, 100 MWe (4 x 25) ALSTOM won turnkey order

Funded under a privately financed scheme called OPF: the company assumes construction risk and sells the finished plant to CFE.

Initiation of Project - 2001, Plant Commissioing - end of 2002
México Los Azufres, III (Primavera), 75 MWe CFE Tender In development
México Los Humeros, 50 MWe CFE Tender In development
México Off-Grid Rural Electrification (MXGE68390) World Bank, Global Environment Facility

The project will test private-sector implemented mechanisms for sustainable electrification of off-grid rural areas, using conventional and renewable energy technologies, as feasible.

Appraisal mission is tentatively scheduled for mid-August 2001.

Consulting services to be determined.
Philippines Rural Power (formerly Rural Electrification) World Bank

Mr. Reuben Emmanuel T. Quejas,Chief, Nonconventional Energy Division, Department of Energy, Energy Center, Merrit Rd., Fort Bonifacio, Taguig, Metro Manila, Philippines, Tel: (63-2) 844-1021 to 40, Fax: (63-2) 818-8614, Email:

Project is being identified.

Consulting services to be determined.
Russia Mutnovsky Independent Power Project, Kamchatka, 50-250 MWe European Bank for Reconstruction & Development, CSC Geoterm $353.2

Stage I - 50 MWe (2 x 25) (expected on-line 2001)
Stage II - 100 MWe (expected on-line 2004)
Stage III - 100 MWe (expected on-line 2005)
Uganda Alternative Energy Resource Assessment and Utilization Study

Notice Identification No. AfDB138-547/00
African Development Fund

The Permanent Secretary, Ministry of Energy and Mineral Development, P.O. Box 7270, Kampala, Uganda, Tel: (256-41) 234-733, Fax: (256-41) 234-732. Email:

The main objective of the study is to find a technically, financially and economically feasible, socially and environmentally sound, and sustainable least cost alternative energy resources development program to meet the energy demand of energy deficient rural areas and small towns of Uganda.
United States

Elem Pomo Indian Tribal Site, Sulphur Bank Rancheria, California, 250 MWe Focal Corporation, United Native Depository Corporation TBD

UNDC will pay $125 million for construction, and receive 85% of the plant's net profits for 50 years. After the construction financing has been repaid, the Elem Pomo Tribe will receive 51% ownership of the plant with UNDC holding 49%. Focal Corporation will develop the plant and receive 25% of UNDC's share of the net profits for 50 years.
Viet Nam Central Region Geothermal Power, 50 MWe (Feasibility Study) U.S. Trade and Development Agency The U.S. Trade and Development Agency is providing a grant in support of a BOT contract to be negotiated with the Ministry of Industry. The feasibility study will study the electricity tariff and benefits of the project.
Viet Nam Central Region Geothermal Power, 50 MWe Ormat International

Sole source project; BOT

Ormat received a renewed exploration license in September 2000.

Sources: United Nations Development Business; the Infrastructure Division; the International Trade Administration, U.S. Department of Commerce Global Infrastructure Projects Database; others as noted.


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31 August 2001


Green Green is produced for the Idaho National Engineering & Environmental Laboratory (INEEL) under Purchase Order No. K99-181018 and the U.S. Department of Energy, Assistant Secretary for Energy Efficiency and Renewable Energy, Office of Wind and Geothermal Technologies.

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