Fervo gets USD-100m loan for 1st phase of large US geothermal project
Sep 11, 2024 11:39 CESTUS geothermal start-up Fervo Energy has sealed a deal to supply geothermal energy to local utility Southern California Edison (SCE) for 15 years from its 400-MW Cape Station project, currently under construction in southwest Utah.
Located in Beaver County, Cape Station will be realised in two stages. The first 70-MW phase is scheduled to be operational by 2026, while the second one is expected to go live by 2028.
The parties have signed two power purchase agreement (PPA) for a total of 320 MW, an amount equivalent to the annual power needs of 350,000 homes, a press statement said today.
With the SCE contract, Fervo noted that it has now contracted 373 MW of renewable power from Cape Station, boasting the world’s largest geothermal PPA. In 2022, the company contracted 53 MW to California community choice aggregators.
Fervo utilises techniques adapted from the oil and gas industry for geothermal development. The company brought online its first commercial project in late 2023. It counts among Google as a committed customer.
Fervo gets USD-100m loan for 1st phase of large US geothermal project
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