Cyrq Energy Completes Sale of Blue Mountain as Part of Its 5-Year Strategic Plan
SALT LAKE CITY–(BUSINESS WIRE)–Cyrq Energy, LLC (Cyrq) is pleased to announce an agreement to sell its Blue Mountain geothermal power facility in Nevada for $88 million to a subsidiary of Ormat Technologies, Inc. (NYSE:ORA) as part of its five-year strategic plan.
With headquarters in Salt Lake City, Cyrq has been a leader in developing and producing geothermal power since 2007. Currently, Cyrq owns several power generating facilities, including the Soda Lake and Patua geothermal power plants in north central Nevada, the Thermo geothermal power plant in south central Utah, and the Hudson Ranch geothermal power plant in southern California. The sale of the Blue Mountain plant will enable Cyrq to direct more of its business activities toward project development.
“The sale of Blue Mountain is an important component in Cyrq’s commitment to pursue project development,” said CEO Mark Sudbey. “By generating greater financial flexibility with proceeds from the sale, it allows us to pursue opportunities at various sites where we already have significant asset and resource positions. Now, more than ever, Cyrq’s experience developing renewable, reliable, baseload geothermal electricity is needed to build and ensure a sustainable future. We are proud of what Cyrq has achieved with the Blue Mountain project, and it is now time to focus our attention on our next stage of growth.”
The Blue Mountain geothermal power facility provides approximately 20MW of net generating capacity and is located near Winnemucca, Nevada in Humboldt County. Blue Mountain sells electricity to Nevada Power Company, a subsidiary of NV Energy, under a long-term power purchase agreement.
Contacts
Chip Schneider, President & CFO
chip.schneider@cyrqenergy.com
801-875-4200
