Boise-based U.S. Geothermal added to its renewable energy portfolio by securing leases covering 368 acres near Vale, Ore. The company plans to develop the site into a geothermal source of electricity to sell.
The company acquired the leases from private property owners as well as from Malheur County and from the City of Vale. The property is within the Vale Butte Geothermal resource area and 12 miles east of the company's geothermal plant at Neal Hot Springs.
The costs of the leases were not disclosed.
The leases come on the heels of U.S. Geothermal's announcement that it will buy Ram Power Corp's geyser geothermal electricity operation in California for $6.4 million.
In addition to Neal Hot Springs U.S. Geothermal operates geothermal projects in San Emidio, Nev., and in Raft River in Idaho. The company is also developing a project in Guatemala near Guatemala city.