Baseload Clean Energy Partners, a yieldco owned and operated by AltaRock Energy, has acquired Blue Mountain Power, which owns the 49.5-megawatt Faulkner 1 geothermal project in Nevada.
Baseload is purchasing 100% of the equity, plus the assumption of remaining debt, for an undisclosed sum from EIG Global Energy Partners. The company is planning an improvement program to increase the output of the plant which supplies electricity to Nevada’s public utility, NV Energy.
Baseload Clean Energy Partners was established for the purpose of building the leading portfolio of clean, baseload power assets by leveraging the unique advantages of next generation enhanced geothermal energy. Faulkner 1 is Nevada’s second largest geothermal plant.
“Our goal is to bring online a new set of clean, baseload power assets and the first step is demonstrating that enhanced geothermal power provides attractive financial returns compared to other forms of clean energy”, said Aaron Mandell, Chief Executive Officer of Baseload. “Many legacy geothermal projects have suffered performance declines, but improvements in how the underlying resource is managed will enable this form of energy to compete head-to-head with coal.”