Geothermal financing program from Raser and Merrill Lynch

A little off our usual subjects, but the Energy Blog has a noteworthy geothermal story: Raser Technologies, Inc. (NYSE: RZ) announced that it has entered into an agreement with Merrill Lynch for the structuring and financing of up to 155 megawatts (MW) of Rasers geothermal power plants, including a commitment letter from Merrill Lynch to provide funding for the construction of Rasers first geothermal power plant.

The plant, using PureCycle® geothermal technology from UTC Power, a United Technologies Corp. (NYSE: UTX) company, is designed to produce 10.5 MW of electrical power with zero emissions.

This agreement provides the required up-front capital to complete their initial projects and keep them on pace to fulfill their goal to initiate the development of 100 MW per year for the first three years of their geothermal power production effort, and 150 MW each year thereafter.

The PureCycle geothermal system results from more than six years of research and development work involving UTC Power, United Technologies Research Center and the U.S. Department of Energy…

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