Raser Technologies launched its first commercial-scale geothermal power plant in Beaver County, Utah, on November 7, 2008. The 10-MW plant’s output is committed to the city of Anaheim under a 20-year power purchase agreement. The initial construction loan in the amount of $45 million and a $25 million tax equity commitment were both provided by Merrill Lynch. Financing closed on September 9, 2008.
The plant, dubbed Thermo, was built using a modular construction design that reduced the construction time to six months versus the typical five to seven years required for a traditional geothermal plant. Raser uses technology developed by UTC Power to generate electricity from underground water at temperatures much lower than other technologies, greatly expanding the number of feasible sources of geothermal energy. Thermo is the first in a string of projects for Raser, which has 155 MW in the development pipeline.