Site Visit To Next Generation Geothermal Energy Project Takes ALC To Utah
American Lending Center representatives, accompanied by the co-founder of X-Caliber Rural Capital, got a close-up look at the Fervo Energy’s next-generation geothermal energy project in Milford, Utah, recently.
ALC and X-Caliber Rural Capital partnered last month to close a $100 million bridge loan to support Fervo’s Cape Station project. Phase I of the project will generate 90 megawatts of renewable energy once it is completed in 2026.
Fervo Energy CEO Tim Latimer led the inspection tour, which included X-Caliber Rural Capital’s Jordan Blanchard, Globevisa’s Jane Cao, ALC’s Emily Wang and Junman Zhang, as well as representatives from Partner Engineering.
“The Fervo Energy project accomplishes two of our primary goals,” said John Shen, ALC’s founder and CEO. “It creates jobs in a rural area, and it increases the amount of green energy being generated. We’re honored to be a part of this project.”
The multiple phases of the Cape Station project will create an estimated 6,600 construction jobs and 160 permanent full-time positions. It is 7.5 miles from Milford, a town of 1,400 people.
Fervo Energy received a $25 million grant from the federal Department of Energy, the largest single grant made through the DOE Geothermal Technologies Office, to be part of the EGS (Enhanced Geothermal Systems) Pilot Demonstration program. It also has received development grants from the state of California, where the electricity Cape Station generates will be sold.
“Public-private partnerships like this are the lifeblood of cutting-edge technology development,” Shen said. “We work hard to make these projects work. And we’re thrilled to partner with X-Caliber Rural Capital on this project.”
X-Caliber Rural Capital has created XRL-ALC, LLC to offer financing in rural areas for commercial real estate and infrastructure projects.
“We are pleased to deliver a unique capital solution to a project with such significant global impact,” said X-Caliber Rural Capital Co-Founder Jordan Blanchard. “Providing support that delivers excellent terms, brings innovation to the energy ecosystem, and results in significant local job creation speaks to the core and mission of our lending business.“
The Cape Station Project will be the first utility-scale, greenfield geothermal energy project for Fervo.
About American Lending Center:
American Lending Center Holdings (ALCH) is a California corporation that currently manages 13 EB-5 regional centers capable of sponsoring EB-5 projects anywhere in continental United States. Since its inception in 2009, the regional centers have successfully raised EB-5 capital for 98 EB-5 projects (as of 9/30/2024) in 31 different states. ALCH made the list of “Fastest-Growing Private Companies in America” by Inc. 5000 in each of the last five consecutive years (2020, 2021, 2022, 2023, and 2024) and was ranked on the prestigious list of “Americas’ Fastest Growing Companies” by Financial Times in 2021, 2022, and 2023.
American Lending Center LLC (ALC), a sister company and a former subsidiary of ALCH, is a mission-based California regulated lending institution. It is also a licensed NFRL SBA 7(a) lender and authorized SSBCI lender in California. ALC underwrites prospective EB-5 projects on behalf of ALCH. As of September 30, 2024, ALC and ALCH have helped create or retain over 140,000 jobs in the American economy.
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