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This US$400 million plant is particularly notable because of how it was financed. The project developers were able to use debt to finance 75 percent of the project costs, including the cost of exploratory drilling and construction costs.42 The Featherstone Plant was the first utility-scale geothermal facility in the United States to secure debt for construction financing from commercial lenders since the 1980s.43 Funding for exploratory drilling was provided by the Icelandic bank Glitnir (now Islandsbanki), which issued the Featherstone plant a US$15 million “resource verification” loan to conduct test-well drilling.44 More than US$400 million for construction was raised from eight commercial banks, led by ING Capital, Société Générale, and WestLB. This funding was provided as a five-year loan, which EnergySource refinanced after the plant began operating with loans from Prudential, Sun Life, and TIAA-CREF.45 In addition, the project received funding of US$10 million from the Fuji Electric Company and benefited from federal tax incentives from the American Recovery and Reinvestment Act.46 Key Factors That Enabled Geothermal Development in the United States The development of geothermal plants in California was driven by government policy and the quality of California’s geothermal resources. While geothermal development in the United States has slowed in recent years, the development of geothermal resources is expected to grow in upcoming years driven by state initiatives. The following factors have been key for the development of geothermal power plants in California: • Federal acts and regulations have directly led to geothermal development in California— PURPA in 1978 required utilities to purchase renewable power at avoided costs. Between 1978 and 1989, it is estimated that PURPA led to almost 30 contracts for more than 600 MW of new capacity in California.47 • The State of California directly supports geothermal development—California is the only state with a state-funded research and development program for geothermal. In 1980, the California legislature established the Energy Commission’s Geothermal Grant and Loan Program, also known as the GRDA. It provides funding to private and public entities for research, development, and the commercialization of geothermal projects. Since 1980, it has provided funding for over 174 geothermal research, development, and demonstration projects. It has funded at least four geothermal projects, as well as a number of direct-use projects.48 • California has high-quality geothermal resources—California has high-quality geothermal resources and a large geothermal potential. As mentioned earlier, California has 25 known geothermal resources areas and a geothermal potential estimated to be between 3,644 MW and 4,732 MW.49 Even though other states, such as Nevada, have a more business-friendly environment and have developed more projects, the higher temperature, quality, and volume of California’s geothermal resources allow developers to build much bigger plants.50 5.4 42. Travis Lowder, “Drilling for Dollars: Notable Developments in Geothermal Finance,” National Renewable Energy Laboratory– Renewable Energy Project Finance, December 17, 2012, https://financere.nrel.gov/finance/content/drilling-dollars-notable- developments-geothermal-finance. 43. Travis Lowder, “Drilling for Dollars: Notable Developments in Geothermal Finance,” National Renewable Energy Laboratory– Renewable Energy Project Finance, December 17, 2012, https://financere.nrel.gov/finance/content/drilling-dollars-notable- developments-geothermal-finance. 44. Ibid. 45. Leidos, “Geothermal Power Generating Facility,” accessed November 20, 2014, https://www.leidos.com/project/geothermal-power- generating-facility-0. 46. EnerG, “Energy Source LLC Starts Construction of $400 million, 49MW Geothermal Project in California,” accessed November 21, 2014, http://www.altenerg.com/xpress/2010/july/index.php-&content_id=308.htm; Power-technology.com, “John L Featherstone (Hudson Ranch I) Geothermal Power Plant, California, United States of America,” accessed November 21, 2014, http://www.power- technology.com/projects/john-l-featherstone-hudson-geothermal-power-plant-california/. 47. Elizabeth Doris, Claire Kreycik, and Katherine Young, “Policy Overview and Options for Maximizing the Role of Policy in Geothermal Electricity Development” (National Renewable Energy Laboratory, Technical Report NREL/TP-6A2-46653, September 2009), http://www1.eere.energy.gov/geothermal/pdfs/policy_overview.pdf. 48. Ibid. 49. California Energy Commission, “Geothermal Energy in California,” accessed November 21, 2014, http://www.energy.ca.gov/ geothermal/background.html; Benjamin Matek and Karl Gawell, Report on the State of Geothermal Energy in California,” February 2014, http://geo-energy.org/events/California%20Status%20Report%20February%202014%20Final.pdf. 50. Geothermal Energy Association, “2014 Annual U.S. & Global Geothermal Power Production Report” (April 2014). 37PDF Image | Unlocking Geothermal Power Eastern Caribbean Powerhouse
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