Baseload Clean Energy Partners (BCEP), owned and operated by AltaRock Energy, purchased Blue Mountain Power LLC. Located in northern Nevada, Blue Mountain Power owns the 49.5 MW Faulkner 1 geothermal power plant supplying electricity to Nevada’s public utility, NV Energy.
BCEP is purchasing 100 percent of the equity, plus the assumption of remaining debt, for an undisclosed sum from EIG Global Energy Partners. The company is planning an improvement program using AltaRock Energy’s multi-zone stimulation process combined with wellfield and power plant improvements to increase the project’s power output.
Baseload Clean Energy Partners was established for the purpose of building the leading portfolio of clean, baseload power assets by leveraging the advantages of next generation enhanced geothermal energy (EGS) technology and processes developed by AltaRock Energy. Faulkner 1 is Nevada’s second largest geothermal plant and contributes to BCEP’s overall goal of acquiring projects that benefit substantially from improvements using more advanced technology.
Geothermal power has characteristics that make it attractive to electric utilities. At a time when solar energy is being ramped up and energy storage is being integrated into the power grid, geothermal fills a void as it compliments intermittent generation from renewables.
BCEP’s pipeline of clean energy projects is fed by a combination of targeted acquisitions and traditional development. Qualified projects range in scale and all meet pre-determined performance criteria, including near term distributable cash flows, a strong underlying energy resource and a short return on investment for capital improvement projects.