Alternative Energy
Raser Secures Geothermal Leases in Utah
Raser Technologies, Inc announced today that it has secured geothermal rights in Utah under the terms of seven lease agreements. These leases mark Rase's first geothermal leases outside of Nevada and are part of its strategy to establish a diversified geothermal resource portfolio.
The properties covered by the lease agreements are in Southern and Western Utah and amount to 13,887 acres. The properties are also generally associated with hot springs, hot wells and other geothermal phenomena. The leases carry ten-year terms and are renewable for additional periods based on development activity or upon the payment of minimum rental payments. Financial terms of the leases are undisclosed.
"By expanding our resource footprint, we not only diversify our geothermal base, but we also broaden our interconnection and market access to the power purchasing community," stated Brent M. Cook, Raser's CEO. "The properties covered by these new leases exhibit the characteristics we look for in our properties. The existing warm water wells and hot springs suggest to us that these resources have excellent potential for our geothermal power plant development plans."
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