Raser Technologies is talking to lenders to lead a $152 million financing backed by a U.S. Department of Energy loan guarantee, ahead of submitting applications to the program for its more than 300 MW development pipeline. “We hope that completing the financing process will be quicker and easier with the guarantee,” says Marty Petersen, cfo in Provo, Utah, declining to identify potential lenders. Developing geothermal typically costs $3,000 to $4,500 per kW, Petersen notes, bringing the pipeline’s value to roughly $900 million to $1.35 billion.
July 07, 2009