U.S. Geothermal

U.S. Geothermal, Inc. was an independent geothermal energy company focused on developing, owning, operating, and selling electricity from geothermal resources. Its business model combined resource exploration, production-well development, power-plant construction, project financing, long-term power purchase agreements, and operation of generating facilities. Rather than selling consumer products, the company developed utility-scale renewable-energy assets whose output was sold to regional electricity providers. The company’s operating portfolio comprised three geothermal power plants in the western United States: Raft River in Idaho, San Emidio in Nevada, and Neal Hot Springs in Oregon. These facilities used naturally occurring underground heat to generate electricity, with plant designs and cooling systems adapted to local resource conditions. Raft River became the first geothermal power plant in Idaho and the Pacific Northwest, entering service in January 2008. San Emidio came online in May 2012, while Neal Hot Springs entered commercial operation in November 2012 and was described as Oregon’s first commercial geothermal power plant. U.S. Geothermal’s projects were supported by long-term power sales contracts with utilities. Raft River and Neal Hot Springs sold power to Idaho Power, while San Emidio supplied NV Energy under a long-term contract. The company also used project-level debt, tax-equity structures, and strategic investment partnerships. Neal Hot Springs was developed with Enbridge as a 40 percent equity partner, and Raft River used a tax-equity ownership structure involving Goldman Sachs. The company’s project-finance arrangements illustrate the capital-intensive nature of geothermal generation, where exploration risk and drilling costs precede the construction of a power facility. In addition to its operating plants, U.S. Geothermal pursued a pipeline of development projects in California, Nevada, Oregon, and Guatemala. Projects identified in company materials included the WGP Geysers project in California, San Emidio II and Crescent Valley in Nevada, and El Ceibillo in Guatemala. These initiatives represented efforts to expand the company’s generating base through additional wells and new plant capacity, although the referenced material does not establish that all of the proposed projects reached commercial operation. U.S. Geothermal was led by chief executive officer Dennis Gilles and president and chief operating officer Doug Glaspey. Glaspey was identified as a co-founder and had experience in natural-resource exploration, development, and operations. Gilles brought prior experience from Calpine, Southern California Edison-related operations, and BP/ARCO, including extensive geothermal-sector experience. The company ceased to operate as an independent business after Ormat Technologies acquired it in January 2018. Its legacy is therefore primarily associated with the development and operation of western U.S. geothermal assets, particularly Raft River, San Emidio, and Neal Hot Springs, rather than with a continuing standalone consumer-facing brand.

U.S. Geothermal developed as a specialist geothermal-energy company serving the western United States. Its activities covered the full project lifecycle: identifying and evaluating geothermal resources, drilling and testing wells, arranging project finance, constructing generating facilities, and selling electricity under long-term utility contracts. This vertically coordinated approach was suited to geothermal power, where commercial success depends on proving an underground resource before committing to a plant and transmission infrastructure. The company’s first major operating asset was the Raft River geothermal power plant in Idaho. It entered service in January 2008 and was characterized as the first geothermal power plant in Idaho and the Pacific Northwest. Raft River used a water-cooled configuration and generated electricity for Idaho Power under a long-term power sales agreement. Its ownership and financing included a tax-equity structure involving Goldman Sachs. The plant was reported to have an annual average net output of approximately 13 megawatts, with contemporary operating material identifying current production at approximately 10 megawatts. U.S. Geothermal expanded its operating base in 2012. The San Emidio power plant near San Emidio, Nevada, came online in May of that year. The facility used water cooling and had an annual average net output of approximately 10 megawatts. Its electricity was sold to NV Energy under a long-term contract, and the project was financed with long-term debt. Later in 2012, Neal Hot Springs in Oregon entered commercial operation. Neal Hot Springs was described as Oregon’s first commercial geothermal power plant and became the company’s flagship project. It used air cooling and was described as producing approximately 22 net megawatts on an annual-average basis, with seasonal output varying according to operating conditions. The operating portfolio gave U.S. Geothermal a presence in three western states and exposed the company to different geothermal reservoirs, cooling technologies, utility markets, and financing arrangements. Company material emphasized high availability at its operating facilities, excluding scheduled annual overhauls, reflecting geothermal generation’s potential to provide steady renewable electricity rather than weather-dependent output. Beyond its operating plants, the company pursued further development in the United States and Central America. The WGP Geysers project in California was described as having steam available from five drilled wells and a planned net capacity of 30 megawatts. In Nevada, San Emidio II was planned as an expansion of the existing project, while Crescent Valley was planned as a larger phased development. The company also worked on El Ceibillo in Guatemala, where production-well drilling was underway for a proposed first phase. The available reference material presents these as development initiatives and does not confirm that each reached commercial operation. Management included Dennis Gilles as chief executive officer and Doug Glaspey as president and chief operating officer. Glaspey was identified as a co-founder with a background in natural-resource exploration, development, and operations. Gilles had held senior roles associated with Calpine, Southern California Edison-related operations, and BP/ARCO, and was described as having decades of energy-management experience, including substantial geothermal experience. U.S. Geothermal’s independent corporate history ended when Ormat Technologies acquired the company in January 2018. Following that transaction, the U.S. Geothermal name no longer represented a standalone public geothermal developer. Its principal historical contribution was the development of a western U.S. operating portfolio anchored by Raft River, San Emidio, and Neal Hot Springs, together with a pipeline of additional geothermal projects.

• 2018

  Acquisition by Ormat Technologies

  [1]U.S. Geothermalen.wikipedia.org

  Ormat Technologies acquires U.S. Geothermal in January, ending the company’s independent corporate existence.

• 2012

  San Emidio begins operation

  [1]U.S. Geothermalen.wikipedia.org

  The San Emidio geothermal power plant in Nevada comes online in May.

• 2012

  Neal Hot Springs begins operation

  [1]U.S. Geothermalen.wikipedia.org

  Neal Hot Springs in Oregon enters commercial operation in November and becomes Oregon’s first commercial geothermal power plant.

• 2008

  Raft River begins operation

  [1]U.S. Geothermalen.wikipedia.org

  The Raft River geothermal power plant in Idaho enters service and is identified as the first geothermal power plant in Idaho and the Pacific Northwest.

A specialist renewable-energy developer focused on converting geothermal resources into reliable utility-scale electricity in the western United States and selected international markets.

• Geothermal power plant · 2008

  Raft River Power Plant

  A geothermal generating facility in Idaho that entered operation in January 2008. It was described as the first geothermal power plant in Idaho and the Pacific Northwest. The plant used water cooling and supplied electricity to Idaho Power under a long-term power sales contract. Contemporary company material described annual-average net capacity of approximately 13 megawatts, with current production noted at approximately 10 megawatts.

• Geothermal power plant · 2012

  San Emidio Power Plant

  A geothermal power facility near San Emidio, Nevada, that began operation in May 2012. It used a water-cooled design and was described as producing approximately 10 net megawatts on an annual-average basis. Its output was sold to NV Energy under a long-term power sales contract.

• Geothermal power plant · 2012

  Neal Hot Springs

  U.S. Geothermal’s flagship development in Oregon and the state’s first commercial geothermal power plant. It entered commercial operation in November 2012. The air-cooled facility was described as having approximately 22 net megawatts of annual-average output, with seasonal capacity varying between winter and summer conditions.

• Geothermal development project

  WGP Geysers Project

  A proposed geothermal project in California’s Geysers area. Company material described a planned net capacity of approximately 30 megawatts and reported that five wells had been drilled with steam available for production. The available reference does not confirm commercial operation.

• Geothermal development project

  El Ceibillo

  A geothermal development in Guatemala planned in phases. The first phase was described as a proposed 25-megawatt-net facility, with production-well drilling underway in the referenced company material. The available information does not establish that the project entered service.

• Geothermal expansion project

  San Emidio II

  A planned second phase or expansion associated with the San Emidio geothermal project in Nevada. The reference material described a proposed net capacity of approximately 10 megawatts and production-well drilling in progress, but does not confirm completion.

• Geothermal development project

  Crescent Valley

  A planned phased geothermal project in Nevada. The first phase was described as having a proposed net capacity of approximately 25 megawatts. A first well had been completed, with additional drilling under consideration in the referenced material.

• 2018

  Accept acquisition by Ormat TechnologiesM&A

  Background

  U.S. Geothermal operated a portfolio of geothermal plants and maintained additional projects under development when Ormat Technologies acquired the company.

  Action taken

  The company was acquired by Ormat Technologies in January 2018.

  Aftermath

  The transaction ended U.S. Geothermal’s status as an independent company and transferred its business and assets into Ormat Technologies’ geothermal operations.

  Source

1. 1U.S. Geothermalen.wikipedia.org