With the needed funding and permitting secured and construction underway, the facility is on track to begin commercial operations in 2026. (Source: Shutterstock)
Fervo Energy has secured $206 million to continue development of its enhanced geothermal system Cape Station project, the company said June 11.
Breakthrough Energy Catalyst is providing $100 million in project-level preferred equity for the project. Fervo’s corporate term loan facility from Mercuria is contributing $60 million upsize for the project and XRL-ALC LLC is contributing $45.6 million in additional non-dilutive bridge debt financing.
The Cape Station development is located in Beaver County, Utah, and involves two phases. Phase I will deliver 100 megawatts (MW) of baseload power to the grid beginning in 2026. Phase II will add an additional 400 MW online by 2028.
The full Cape Station facility has been approved to expand up to 2 gigawatts.
The project’s Sugarloaf appraisal well drilled deeper, faster and hotter in the company’s field trials and set several geothermal drilling records, the company said on June 10.
With the needed funding and permitting secured and construction underway, the facility is on track to begin commercial operations in 2026.
Recommended Reading
ONEOK’s $940MM Deal Takes Full Control of Delaware G&P JV
2025-06-03 - ONEOK’s deal takes full ownership of the Delaware Basin JV partnership with NGP Midstream as it consolidates its EnLink Midstream assets.
Recent M&A Primes ONEOK for AI, LNG, NGL Growth
2025-04-24 - ONEOK’s President and CEO Pierce Norton talks about his rapidly expanding company and the M&A grocery list the midstream company uses to explore additional growth opportunities.
Matterhorn Ownership Reshuffled in Deal Reportedly Worth $5B
2025-05-08 - Investment firm I Squared and Enbridge will take stakes in the joint venture for the Matterhorn Express natural gas pipeline in the Permian Basin.
Onboard Dynamics, T.D. Williamson Partner to Expand Pipeline Tech Globally
2025-06-05 - The alliance targets growing regional demand for lower-emission maintenance solutions in the natural gas sector.
ArcLight Closes $1.7B Deal with Brookfield for NGPL Interests
2025-05-13 - ArcLight Capital Partners has closed on its $1.7 billion deal with Brookfield Infrastructure, making the investment company the largest stake owner of the Kinder Morgan-operated Natural Gas Pipeline Co. of America.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.