GeoGenCo intends to build and operate a18.5MW (net) geothermal power plant, GeoGenCo Project #501, located within the Salton Sea Known Geothermal Resource Area in Southern California.
The Project will provide reliable and environmentally clean base-load (24/7) renewable electric power that will reduce reliance on coal and oil and gas power plants, thus reducing CO2 and other greenhouse gas emissions. GeoGenCo’s technology also will provide advantages in significant reduction in the use of water resources, a key issue in the Project’s location in Southern California.
No combustion occurs in the geothermal process, making the enhanced geothermal system one of the best-in-class in the world. GeoGenCo’s Closed-Loop process produces no greenhouse gases.
Geothermal is a clean, renewable energy source, and an ideal way to transition away from fossil fuel electrical generation. GeoGenCo’s Project #501 is eligible for a Green Bond financing under the Green Bond Principles.
Geothermal is considered a valuable renewable technology because it provides base-load energy, unlike solar and wind which are intermittent. Because it is base-load it helps to balance the grid and allow additional intermittent newable energy projects to be added to the grid
The geothermic generation technology being utilized by GeoGenCo eliminates the environmental disadvantages associated with traditional geothermal, since it is a completely closed loop system. Brine disposal is eliminated because the brine solution never enters the system or reaches the surface as only the heat is harvested through our process. It is the cleanest form of geothermal energy.
One of the most beneficial aspects of the GeoGenCo Technology is that it uses “Zero Water” in the power generation process as compared to traditional geothermal technologies. This compares to 500 MM gallons of water per year which would be needed for a comparable size geothermal plant for cooling and brine dilution prior to injection. Therefore, this 500 MM gallons of water per year can be used for other purposes such as agricultural activities.
The pre-development of the Project is complete, such that pending close of project financing, the Project is “Shovel Ready” and will be fully operational within 14 months of financing.
The Salton Sea KGRA is one of the largest geothermal resources in the world. It has been explored since 1927, and has been in commercial production since 1982, with nearly 500 MW’s of existing generation. It is one of the world’s most prolific geothermal resources, as a result of high heat flow due to the field’s tectonic setting, and the host sedimentary formations.
A power generation analysis of a potential of 2,330 MW’s, estimated by research scientists in 2002, established the SSKGRA as the largest geothermal field in the United States. Since 2002, more extensive exploration, drilling, and a denser and better data acquisition from the land portion of the field have expanded the size of the anomaly. Thus, expanding the available MW production capabilities.
Independent analysis of the area of well #501, has shown it capable of generating in excess of 50 MW’s of electricity for 100 years from the currently available heat resource which is 700 (+/-10) degrees F at 11,500 ft.
GeoGenCo controls 35 acres of surface land and 320 acres of subsurface geothermic heat rights in the Salton Sea KGRA of Southern California, near Nyland. The leased lands and/or rights are secured by production-based lease payments.
There are currently 3 permitted wells on the 35-surface acre site, but five more may be added at a later date per the Conditional Use Permit (CUP). All wells will be similarly configured. The land was leased to GeoGenCo’s in 2015.
Project #501 site sits on a 20 Acre Parcel of land with easy access to power distribution lines already in place. The plan is to tie into the 93 kV power line on the eastern edge of the parcel parallel to English Road. The well for Project #502 also sits in the same 20 Acre Parcel, located 100 ft. north of Project #501. The well for Project #508 sits approximately 0.8 miles to the NE of Project #501. The sub-station for all three projects will be built on the 15 acreparcel immediately west of where Project #508 is located.
GeoGenCo has mitigated the risk typically associated with a Geothermal Energy Project.
Lockton Insurance is providing a comprehensive Risk Management plan designed to cover all aspects of GeoGenCoProject #501. The construction insurance program will be structured as an owner-controlled insurance program (“OCIP”), such that standard commercial insurance, business interruption and financial security to third-party investors and financiers is in place for all phases of the project. GeoGenCo Well #501 Project includes, but is not limited to, the following risk management coverages:
In addition, GeoGenCo has partnered with the Argo Group in negotiating a 20 year power performance guarantee covering aspects of both the downhole heat exchanger and above ground electricity generating systems. Key provisions of the performance guarantee include:
GeoGenCo is comprised of a group of extremely talented individuals with decades of experience in energy, geothermal development, and utility operations.
Charles Snyder (CEO) has over 40 years of executive positions including corporate, financial and investment management positions involved with energy, infrastructure and mining sectors. Mr. Snyder currently is Managing Partner of Onset Capital, which manages the California Infrastructure Fund I that has provided financial to support to GeoGenCo, as well as other energy and infrastructure projects and assets. Mr. Snyder began his career with the Bechtel Group, where he provided financing for Bechtel sponsored and client projects and later was CFO and a Managing Principal of Bechtel Investments. He also has held executive positions at PricewaterhouseCoopers Securities, DynCorp International, and Airport Group International, and has served on numerous boards.
Charles Hosken (COO) has over 35 years of experience in the energy industry, including 11 years as the Chief Operating Officer for a renewable energy company, SunPeakSolar, LLC. Mr. Hosken has 15 years of experience as the General Manager for two public utilities (the Imperial Irrigation District with whom Project #501 has a 30 year PPA) and the ChilanCounty Public Utility District in Washington State.
Dr. Ted Sumrall (Chief Technical Officer) has over 35 years of professional engineering experience and full responsibility for various aspects of numerous oil, gas and energy projects. He has worked in many areas of the energy and power generation industry both domestically and internationally, including geothermal in countries such as Japan, New Zealand and Italy and has held numerous engineering and management positions with Chevron, Schlumberger, Baker-Hughes and Jacobs Engineering.
Lee Rigney (Chief Financial Officer) has a successful 25+ year track record in developing new energy projects and taking new companies from inception to successful operation and profitability. Mr. Rigney has been registered with FINRA for over 20 years. His experience includes serving as the Founder and President of CapstarPartners, a wholly-owned subsidiary of The Long-Term Credit Bank of Japan, Managing Director of Bankers Trust and EVP for Citi-Bank. Mr. Rigney most recently has managed his consulting firm, RLR Consultants, providing project development and financing advisory services to a range of energy and infrastructure clients.
John Wheeler III (Project Manager) has over 30 years in construction, development and site acquisition in a variety of related industries. He has managed large project teams and has successfully financed and built numerous large scale developments. He is also the former owner for one of the largest Commercial Plumbing companies in San Diego, CA.
Ralph Morgan (Chief Risk Officer) has over 30 years of domestic and international experience in operations, project management, business development, financial services and risk management. Mr. Morgan’s experience includes executive management positions, including executive risk strategy and insurance programs, as Director of Risk Management in London at the Bechtel Group, SVP fir Strategic Business Development for DynCorp International and Risk Management Director for Onset Capital. He also served as SVP and Construction Practice Leader for Marsh & McLennan Companies.
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