Via Sierra Geothermal:
8/17/2007 11:12:21 AM ET News Release Index
Sierra Geothermal Power Corp Secures New Geothermal Leases in Nevada
Sierra Geothermal Power Corp (SGP); TSX-V: SRA, is pleased to announce that it was the successful bidder for 18,103 acres of geothermal lease rights in the areas of Dixie Valley and Brady/Desert Peak, Nevada. These leases were acquired through the Bureau of Land Managementâ€™s competitive bidding process.
The acquired leases in Dixie Valley are located 6.4 km from the 66 Megawatt Geothermal Power Plant operated by Caithness Energy, LLC, which has been producing power at the plant since 1988. The Dixie Valley land parcels consist of 17,446 acres located within the structural trend of the Dixie Valley Geothermal Field. The Brady/Desert Peak land parcel is comprised of 657 acres of geothermal lease rights. The Brady and Desert Peak geothermal power plants, both operated by Ormat, produce 26 MW and 12.5 MW respectively.
SGPâ€™s President and CEO, Gary Thompson, states â€œWe are encouraged by the potential for power generation in this area and its proximity to transmission infrastructure.â€
Twenty-five of the United States have adopted Renewable Portfolio Standards (RPS) to stimulate the development of renewable energy. The State of Nevada has adopted an RPS that requires utilities to have 20% of their electricity supplied from renewable sources by 2015. The California RPS requires 20% of electricity sold to come from renewable energy by 2010.
This set of parcels adds great potential to Sierra’s Tier III holdings. The company continues to develop Tier I projects like Reese River, Pumpernickle, Alum, and Silver Peak. For a detailed listing of Sierra’s projects, visit their corporate website.