These leases enable Magma Energy to explore for and develop geothermal resources for a primary term of ten years, subject to minimal annual rentals. If commercial geothermal resources are developed the leases continue indefinitely.
Frank Monastero, president of Magma Energy (US) Corp., said, I am very pleased we have added these geothermal properties to our large existing portfolio of ten properties in Nevada, Utah and Oregon. Many of our new properties have had considerable historic geothermal exploration and will significantly add to our pipeline of exploration projects, as well as confirm us as one of the most active geothermal exploration and development companies in the United States.
Magma Energy currently holds around 131,500 acres of geothermal rights in the US and 430,600 acres in Latin America, one of the largest holdings of geothermal exploration properties of any company globally. The company is drilling production wells at its Soda Lake operation in Nevada designed to increase Soda Lake’s generating capacity from 11 megawatts (MW) gross (8 MW net) to 23 MW gross (16 MW net), and has recently completed an exploration program on its Maule concession in Chile.
