3 February 2010 - Vulcan Power Company, a developer of geothermal energy projects, and Denham Capital, an energy- and commodities-focused private investment firm, said that an affiliate of Denham Capital has invested $108M in preferred and common stock of Vulcan. This is the second equity investment in Vulcan by such Denham Capital affiliate and brings its total investment in Vulcan to $166 million. Other shareholders include a principal investing division of Bank of America Merrill Lynch.
Vulcan’s geothermal property portfolio consists of approximately 170,000 acres of prime geothermal properties in Nevada, California, Oregon and Arizona. The new investment will allow Vulcan to continue its ongoing development of properties representing more than 300 MW of estimated geothermal resources from just half of the company’s total acreage. The company has long-term power sales contracts with major California and Nevada utilities and transmission access to northern and southern California already completed or underway. The permitting process for two of its project sites is also well underway.