EIG Geothermal Catalyst Partners completes inaugural investment
Published by Jessica Casey,
Editor
Energy Global,
EIG, a leading institutional investor in the global energy and infrastructure sectors, has announced that EIG Geothermal Catalyst Partners, L.P (GCP) has completed its inaugural investment, partnering with Power Planet, a geothermal development company advancing enhanced geothermal system (EGS) projects. The investment will support continued development of Power Planet’s Star Peak EGS project and the company’s broader portfolio.
Star Peak, Power Planet’s lead development effort, is expected to benefit from existing geothermal infrastructure, available interconnection capacity and subsurface data from the Star Peak geothermal field. Together, these attributes are expected to support a phased development approach and help accelerate the path toward commercial scale generation.
EIG believes geothermal can play an increasingly important role in meeting growing electricity demand with firm, reliable, and low-carbon power. The Fund seeks to support high-quality geothermal projects at key stages of their development. GCP’s investments are expected to help sponsors address technical and commercial risks and to enable broader institutional participation in the geothermal sector, while seeking attractive, risk-adjusted returns consistent with EIG’s disciplined investment approach.
“The Fund’s inaugural investment is an important milestone and reflects the opportunity we see to support next-generation geothermal development in the US,” said Andrew Ellenbogen, President of EIG. “We believe Power Planet’s portfolio is well aligned with the Fund’s mission of providing development capital to help advance geothermal projects through key technical and commercial milestones, and we look forward to supporting the company as it advances the Star Peak project and its broader portfolio.”
“We are excited about Star Peak because it represents a compelling path to bringing new EGS power to the US grid,” added Keith Elliott, CEO of Power Planet. “We expect to begin delivering EGS electrons in 2027/2028. EIG’s partnership has been instrumental in accelerating the project and attracting additional capital. We are honoured that Power Planet was selected for the Fund’s inaugural investment, which supports our next phase of growth. We look forward to building on this partnership as we seek to scale our ambitious development portfolio and accelerate the deployment of EGS across the US.”
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