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<\/a><\/p>\nGeothermal power: ready to take off in the U.S.?<\/p>\n<\/div>\n
EnergySource LLC has broken ground on its $399 million, 49.9-megawatt Hudson Ranch I geothermal project<\/a> in Imperial Valley, Calif., with financing from a banking consortium and GeoGlobal Energy \u2013 a developer backed by New Zealand\u2019s Mighty River Power, Ltd.<\/p>\n The project, which is based on 65 acres of land near the Salton Sea geothermal region, will supply power to the Arizona-based utility Salt River Project for use in the Phoenix area.<\/span><\/p>\n Energy Source President Dave Watson called the project \u201cone of the best geothermal resources in North America.\u201d<\/p>\n Mighty River Power, a major geothermal operator owned by the government of New Zealand, will take a $107 million, 20 percent equity stake in the project<\/a> through through the Denver-based GeoGlobal.<\/p>\n Debt financing for the project was raised by ING Capital, Societe Generale, West LB, Union Bank, MetLIfe, CIBC, Siemens Financial and Investec.<\/p>\n The plant will also receive stimulus funds.<\/p>\n The project, which was first explored in 2004, should come online by late 2011 and could be followed by two to four more phases<\/a>, EnergySource Vice President of Development Larry Grogan told the Imperial Valley Press newspaper.<\/p>\n Geothermal development has been crawling along<\/a> relative to other renewables, posting a mere 6 percent gain in capacity for 2009.<\/p>\n