Denham to Invest $145 Million in Vulcan Power

BEND, Ore. and BOSTON, –– Vulcan Power Company and Denham Capital announced today that Denham will invest $145 million in newly issued preferred equity securities of Vulcan. In addition, Merrill Lynch Commodity Partners (“MLCP”), a principal investment fund of Merrill Lynch, will convert its outstanding notes into Vulcan preferred equity. Vulcan owns one of the largest geothermal property portfolios in the United States including properties in California, Nevada, Oregon, and Arizona. The Denham investment will allow Vulcan to continue to develop prime geothermal property with potential to generate 900 to 2,000 megawatts (MW) of natural steam fuel – enough to provide baseload renewable energy for up to two million people. Link.