Magma Energy Corp. is hoping that a new round of financing will help it to achieve its aim of becoming one of the world’s pre-eminent geothermal companies.
The Canada-based geothermal energy company has closed a $26.3 million financing raised through the issue of common shares. Its plan is to aggressively develop its portfolio of 21 geothermal properties in the USA and South America that could increase its operational capacity to over 200 MW.
Funds from the financing will be used to advance all of Magma’s projects in 2009, including the expansion of its only operational facility – an 8 MW plant in Nevada, USA. It will also continue to look for potential new geothermal field acquisitions around the world.
Magma’s pipeline of projects include four advanced stage projects and 13 exploration projects. Its current two-year business plan is to produce over 100 MW of geothermal capacity.
Magma says it is intending to increase the output from its operational Soda Lake power plant, which is located near Fallon, Nevada, to 16 MW. Its other properties are located in Argentina, Chile, Nicaragua, Peru and western USA.
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