Vulcan reportedly owns one of the largest geothermal property portfolios in the US including properties in California, Nevada, Oregon and Arizona.
The Denham investment is expected to allow Vulcan to continue to develop prime geothermal property with potential to generate 900MW to 2,000MW of natural steam fuel, enough to provide baseload renewable energy for up to two million people.
Steve Munson, president and CEO of Vulcan, said: This investment by Denham allows the company to move forward aggressively with our business plan of developing steam resources and power projects, and supporting existing long-term power purchase agreements. With the strength and energy sector knowledge of our investors, Denham and Merrill Lynch, we stand to become one of the premier independent green energy companies.
