TransAlta, MidAmerican sell geothermal energy to California city

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CalEnergy LLC, a joint venture between TransAlta Corp. and MidAmerican Energy Holdings Co., executed an 86 MW long-term contract for renewable geothermal power with the city of Riverside, California.

Under the renewable power purchase agreement, which runs from 2016 to 2039, CalEnergy will provide the power from a portfolio of geothermal generating facilities in California's Imperial Valley.

"Securing long-term contracts and growing our renewable portfolio within our core markets is a key focus of our business strategy.," said Dawn Farrell, TransAlta president and CEO. "This contract will extend the life of the geothermal facilities and create long term value for our shareholders."

The 24-year power purchase agreement builds on an existing relationship with the City of Riverside and represents 25 percent of the total capacity of the Imperial Valley geothermal facilities. CalEnergy is continuing its work to market the remainder of the capacity from the 10 geothermal facilities as the existing contracts roll off.

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