Fervo Energy Secures More Funding for Cape Station Geothermal Project [Yahoo! Finance]
Edison International (EIX)
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Source: Yahoo! Finance
non-recourse debt financing for the first phase of its flagship Cape Station development in Utah. Fervo on March 19 said the oversubscribed financing marks the project's transition from early stage and bridge funding to a long-term, non-recourse project capital structure. Fervo said it underscores enhanced geothermal systems' (EGS's) bankability as a utility-scale infrastructure asset. Cape Station has been touted as a model for how geothermal energy can help meet surging power demand from data centers and artificial intelligence (AI), and from industrial manufacturing and accelerating electrification. Cape Station, located in Beaver County, Utah, is expected to begin delivering first power to the grid this year. The project is designed to have about 100 MW of operating generation capacity by early next year, and eventually scale to 500 MW. The geothermal station is fully contracted through power purchase agreements with Southern California Edison, Shell Energy, and community choice a
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