RE: RE: Annual Report details1. My numbers (28 million in revenue, 20 million EBITDA) were for the SJT1 36 MW expansion only. The original 10 MW pilot project will be sold for a lower PPA until 2014, and it's relatively inefficient (in its best year of operation, 2009, it produced ~5 million in revenue, and ~4 million in EBITDA). So for the full 46 MW of production, I would conservatively estimate 33 million in revenue, and 24 million EBITDA. Very close to your numbers, I'm just accounting for high initial production expenses as they get the plant online.
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2. From the recent MDA under the SJT Phase 1 section: "The company expects to drill additional injection capacity necessary for the operation of 46 MW in the third quarter of 2011." I'm assuming this additional drilling has to be in the 3rd quarter because their one drill rig is tied up with the SJT2 wells for the 2nd quarter.
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3. From the recent Annual Information Form in the Geysers operation section: "On March 24, 2011, the NCPA approved an amended and restated PPA with Western Geopower. Among other things, the restated and amended PPA increases the price for electricity and environmental attributes."
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4. I agree that they won't need a bridge loan for a final production well, IF they get 65MW to 70MW certified in the next month, which will give them plenty of money for 1 more well and 2 more injection wells.
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5. If they don't get a project loans released next month I don't see how they'll have enough money. The company states that the rest of its SJT2 drilling program will cost $43 million more. Add in construction costs for SJT1, Orita drilling, general corporate expenses, and interest payments on the SJT1 loans, and we've got a serious cash crunch.