Companies invest in Newberry Geothermal Project
Portland Business Journal
Davenport Power LLC, an independent electric power company that owns and operates clean power and renewable energy projects, announced that US Renewables Group LLC and Riverstone Holdings LLC have agreed to provide development capital for its Newberry Geothermal Project near Bend.
The companies did not reveal how much was being invested.
The initial funds will be used to drill exploratory test wells to explore potential geothermal resource areas for underground geologic features that combine heat and water to produce steam. The project, located on the western flank of Newberry Volcano 25 miles southeast of Bend, is anticipated to ultimately produce renewable electrical energy to satisfy a 20-year, 120 megawatt contract with Pacific Gas & Electric Co., based in California. Davenport, operator of the Newberry Geothermal Project, has offices in Stamford, Conn., and Bend.
US Renewables Group, which was formed to manage a series of private equity funds, has offices in Los Angeles and New York. Riverstone Holdings is a New York-based energy and power-focused private equity firm.
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