SEATTLE, Nov. 20, 2015 /PRNewswire/ -- Baseload Clean Energy Partners (BCEP), a clean energy portfolio owned and operated by AltaRock Energy, today announced the acquisition of Bottle Rock Power LLC. The Bottle Rock Power Plant was originally constructed as a 55-MW dry-steam geothermal plant situated on a 350-acre site in Lake County, California. BCEP purchased the remaining equity in the plant and associated leases for an undisclosed sum from Riverstone Holdings and U.S. Renewables Group. The company plans to upgrade the existing facilities to include energy storage in an effort to better manage supply and demand on the power grid.
Baseload Clean Energy Partners continues to build the leading portfolio of clean energy assets by leveraging the unique advantages of next generation enhanced geothermal energy systems (called EGS), a technology developed by AltaRock Energy. Bottle Rock Power is part of a broader complex of geothermal plants located within the Geysers, the largest geothermal field in the world. The acquisition contributes to BCEP's overall goal of aggregating assets that benefit substantially from improvements in advanced energy technology.
"The next step in our strategy is the integration of energy storage within existing plants," said Aaron Mandell, chief executive officer of BCEP. "Bottle Rock is an extremely valuable asset given the project's access to the Northern California energy markets and future expansion potential of the geothermal resource. In the near term, we will focus on safely maintaining the existing plant and well field, but are actively working towards adding performance enhancements to enable flexible generation using energy storage."
As the cost of utility-scale solar continues to drop, it becomes an increasingly larger portion of the overall energy supply. Grid operators are already adapting to accommodate new load profiles and adding energy storage will provide a way to both curtail excess solar during the day and tailor baseload generation to better reflect real-time demand. Geothermal is a unique clean energy resource because it is always available and combining it with storage will pave the way for renewables to become the largest source of electric power, worldwide. Ultimately, flexible energy resources will be the key to delivering a carbon-free energy grid.
About AltaRock Energy
AltaRock Energy, Inc. is a leading developer and operator of advanced geothermal power projects using geothermal stimulations, known as Enhanced Geothermal Systems ("EGS"). AltaRock's vision is to repower the grid through the commercializing of advanced geothermal technology to produce clean, renewable power. Founded in 2007 and headquartered in Seattle, AltaRock is a full-service geothermal energy technology and services company. AltaRock's experienced team, innovative technology and creative approach allow developers to turn underperforming plants into profitable geothermal projects.
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SOURCE AltaRock Energy
Source: PR Newswire
(November 20, 2015 - 8:00 AM EST)
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