Western GeoPower Corp. (TSX-V:WGP) has signed a 20-year power supply contract with the Northern California Power Agency worth approximately $26 million per year and $520 million over the length of the contract.
The Vancouver-based renewable energy company will supply approximately 265,000 megawatt-hours of energy at $98 per megawatt-hour for 20 years.
Western GeoPower is developing a 35-megawatt geothermal plant at the Geysers Geothermal Field in northern California that is scheduled to come on line in early 2010.
The Geysers geothermal field, in operation since 1960, is the world's largest producer of geothermal electricity.
Western's share price range during the past week: between $0.40 and $0.42; 52-week high: $0.50; 52-week low: $0.24.