Raser signs 3 more leases in Beaver

Raser Technologies Inc. said Monday that it has signed lease agreements for more property in Beaver County, to develop geothermal energy projects.

The three new leases cover more than 20,000 acres of geothermal, surface and other rights near the company's existing Thermo Hot Springs resource near Milford. Financial terms were not disclosed.

The deal brings Provo-based Raser's total holdings in the area to more than 50,000 acres.

A recent consulting firm report of the area concluded that the Thermo resource has the potential provide more than 200 megawatts of energy — enough to power about 200,000 homes.

The agreements provide Raser the rights to the geothermal resources and certain surface rights for the construction of geothermal wells, piping, power plants and transmission lines.