Raser Technologies, Inc. (NYSE Arca: RZ) announced today that it has more than 100,000 acres of property in Utah for geothermal development under lease agreements. The signing of additional leases in Southern Utah last week surpassed the 100,000 acre mark.
Raser secured the rights in the most recent lease agreements to the geothermal resources on more than 7,100 acres located in two counties in Southern Utah. The lease terms are for 10 years and are renewable for additional periods based on development activity or upon the payment of minimum rental payments. The financial terms of the leases are undisclosed.
Brent M. Cook, Raserâ€™s CEO stated, â€œWe continue to see increasing demand for renewable, green electric power, and with this addition to our land holdings, we continue to position ourselves to take advantage of these favorable market dynamics. With the recently announced monetization agreement with Merrill Lynch to fund the construction of our plants, the soon to be announced power purchase agreement to buy the electricity produced, continued land acquisitions and ongoing well field development, we continue to fill our pipeline and make progress along our expected timeline for putting a number of our power plants into production in 2008. Those plants will be the first of meeting our goal to initiate of the development of approximately 100 megawatts of geothermal power for each of the first three years and 150 megawatts per year thereafter.â€