DOCSLIB.ORG

Annual Report 2014 Report Annual |

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Annual Report 2014 Report Annual | INFIGEN ENERGY INFIGEN | ANNUAL REPORT 2014 INFIGEN ENERGY ANNUAL REPORT 2014 A LEADING SPECIALIST RENEWABLE ENERGY BUSINESS CONTENTS 02 Business Highlights 51 Directors’ Report 04 About Us 56 Remuneration Report 06 Chairman’s Report 68 Auditor’s Independence Declaration 08 Managing Director’s Report 69 Financial Statements 12 Management Discussion and Analysis 75 Notes to Financial Statements 33 Safety and Sustainability 137 Directors’ Declaration 38 Infigen Board 138 Independent Auditor’s Report 40 Infigen Management 140 Additional Investor Information 42 Corporate Governance Statement 143 Glossary 43 Corporate Structure 145 Corporate Directory All references to $ is a reference to Australian dollars and all years refer to financial year ended 30 June unless specifically marked otherwise. INFIGEN ENERGY ANNUAL REPORT 2014 | 1 BUSINESS HIGHLIGHTS We successfully implemented cost savings initiatives and generated $93.5 million in cash to repay liabilities PRODUCTION REVENUE EBITDA INCREASED BY INCREASED BY INCREASED BY 1% 6% 7% to 4,670 GWh to $303 million to $170 million GLOBAL FACILITY PROFIT ON SALE ACQUISITION BORROWINGS OF US SOLAR OF US CLASS A REDUCED BY DEVELOPMENTS INTERESTS $35.3M $4.4M US$95M 2 | INFIGEN ENERGY ANNUAL REPORT 2014 INCREASE IN REVENUE 303 286 $17M 267 ($ million) FY12 FY13 FY14 INCREASE IN EBITDA 170 158 $12M 141 ($ million) FY12 FY13 FY14 INCREASE IN NET 96 OPERATING CASH FLOW 84 $12M 62 ($ million) FY12 FY13 FY14 BUSINESS HIGHLIGHTS | 3 ABOUT US DEVELOPER OWNER OPERATOR Infigen Energy has an extensive Infigen Energy owns interests Infigen Energy manages predictive and geographically diverse in 24 operating wind farms and and preventive maintenance pipeline of prospective renewable one solar farm (1,646 megawatts programs, supply chain, maintenance energy projects at various stages equity interest) across Australia management systems, inventory of development. and the US. In Australia, Infigen optimisation, and the development and capabilities of our workforce to Site identification and landowner has six operational wind farms negotiations. with a total operating capacity of maintain and improve operating 556.6 megawatts, where it holds cost competitiveness. Wind and solar radiance 100% equity interests and the monitoring, project feasibility and Safety risk management – actively Capital East solar farm. In the US, pursuing zero harm. investment evaluation. Infigen operates 18 wind farms Community consultation, with a total operating capacity Optimising generation productivity cultural heritage, environmental of 1,556.7 megawatts, where its through 24 x 7 Operations Control Centre. assessment and project planning. equity interest (Class B interest) Design, supplier negotiations comprises 1,089.4 megawatts of Bidding and dispatching into and connection. operating capacity. electricity market. Whole of life asset and investment Site mobilisation and foundations. Sustaining plant availability through management. reliability centred maintenance. Electrical works, wind turbine Managing sale of electricity and and solar panel installation Managing operating risks environmental products. and commissioning. and costs. Risk management and Exploring opportunities to refurbish revenue assurance. or re-power. Arranging and maintaining debt finance. Ongoing stakeholder engagement. Assessing acquisition and divestment opportunities. 4 | INFIGEN ENERGY ANNUAL REPORT 2014 Community engagement principles Our aim is to sustain the quality of life and wellbeing of individuals and communities touched by our activities through: Keeping an open dialogue Fostering local relationships Raising awareness about with our communities Infigen aims to foster lasting renewable energy Our aim is to build strong relationships relationships with non profit Infigen promotes renewable energy through transparent communication organisations by supporting local using factual and scientific data, and with communities during all aspects community initiatives, however advocates for regulation that delivers of development, construction and Infigen does not normally sponsor increased policy predictability for the operations, whilst respecting the any partisan political activities or renewable energy industry. Infigen is a diverse cultures, views and needs religious groups. member of the American Wind Energy of these communities. Infigen has Association and Australia’s Clean established efficient, non-threatening, Seeking to source locally Energy Council. fair and accessible mechanisms for Infigen will seek to source materials dealing with any concerns raised by and services from locally based Community Engagement Register the community. These are set out in suppliers to support the local Infigen has developed a Community the conditions of planning approval economy, enhance community Engagement Register to monitor and for operating assets and in the engagement, and to reduce track financial and other support that comprehensive consultation process its impact on the environment Infigen provides to local communities. for development projects. from transportation. ABOUT US | 5 CHAIRMAN’S REPORT Dear Securityholders, On behalf of the Infigen Boards it is my pleasure to present your 2014 annual report. I’m pleased to report that despite the significant and unwelcome regulatory uncertainty in Australia your company achieved a 14% increase in net operating cash flow during the 2014 financial year. This was driven by revenue growth, cost control, our investment in US Class A interests, the profitable sale of two development assets in the US and good cash conversion. We remain focussed on further improving our financial performance for the benefit of securityholders. But our capacity to do so will be severely inhibited without an equitable resolution to current regulatory uncertainty in Australia. Board and Management In addition, Infigen refinanced its Woodlawn wind farm debt Your Board remains predominantly independent, with three facility, reduced Woodlawn related borrowings by $1.9 million and independent non-executive Directors (including me as the repaid $4.0 million of borrowings under the Union Bank facility Chairman), your Managing Director Miles George, and used to fund Infigen’s acquisition of certain US Class A interests. Philip Green, a non-executive nominee Director from our Nonetheless, the company may still face an unduly high level of largest securityholder. debt for several more years yet. Your Board members and committee compositions have Infigen reported a net profit before significant items expense remained unchanged for the year. In November 2013 Philip Green of $7.9 million. This was a $29.5 million improvement compared was re-elected as a Director by securityholders at the Annual with a $21.6 million net loss before significant items in the prior General Meeting following his retirement by rotation. year. Infigen’s statutory net loss of $8.9 million was a $71.1 million We continue to engage with advisors that assess and report improvement compared with $80 million in the prior year, which on our governance practices on behalf of securityholders. included a $58.4 million non-cash impairment expense in relation While we might not entirely agree on certain matters, they to the US Cash Generating Unit. acknowledge that we continue to implement and maintain good During the year we increased our development activities in the governance practices. US by originating and advancing solar development projects. The Your executive management team also remained largely US development pipeline now accounts for over 780 MW of late, unchanged during the year. However, during the year we mid and early stage projects in six states. We sold two US solar restructured the organisation. We reduced the number of development assets that we had developed to a construction- executives for the purpose of strict control of cost whilst ready status for a net gain on sale of $4.4 million. These projects simultaneously acquiring technical skills and resources to improve were part of a multi-stage development opportunity that we have operational performance. The position of Executive General cultivated in California. There is strong demand for projects like Manager of Australian Operations was made redundant. This these in the US as a result of a supportive regulatory environment. resulted in Mr Scott Taylor leaving Infigen on 31 December 2013. We will continue to assess the optimal capital structure for each On behalf of the company I thank Scott for his contribution of our development projects and consider the options available to Infigen. to maximise the value of those projects to Infigen. Business Performance Infigen’s operational and financial performance improved this year. We achieved a 14% increase in net operating cash flow to $96.2 million, after the payment of interest rate swap termination NET OPERATING costs of $16.8 million following the counterparty exercising its CASH FLOW, UP 14% right to terminate. Excluding this significant item the business would have generated net operating cash flow of $113 million. From net operating cash flow we repaid $35.3 million of Global $ M Facility debt and distributed $41.4 million to US Class A tax equity members. Including the $16.8 million payment for interest 96.2 rate swap terminations, the $93.5 million total liability reduction attributable to these items was $13.5 million ahead of the $80 million guidance previously provided. 6 | INFIGEN ENERGY ANNUAL REPORT 2014 In Australia,
Load more

Recommended publications
  • Jp Elektroprivrede Hz Herceg Bosne
    Vjesnik JP ELEKTROPRIVREDE HZ HERCEG BOSNE CHE Čapljina – 30 godina www.ephzhb.ba INFORMATIVNO - STRUČNI LIST / Godina X. / Broj 44 / Mostar, srpanj 2009. Informativno-stručni list, Vjesnik Glavni i odgovorni urednik: JP Elektroprivreda HZ HB d.d., Mostar Vlatko Međugorac Izdaje: Uredništvo: Sektor za odnose s javnošću Vlatko Međugorac, Mira Radivojević, mr. sc. Irina Budimir, Vanda Rajić, Zoran Pavić Ulica dr. Mile Budaka 106A, Mostar tel.: 036 335-727 Naklada: 800 primjeraka faks: 036 335-779 e-mail: [email protected] Tisak: www.ephzhb.ba FRAM-ZIRAL, Mostar Rukopisi i fotografije se ne vraćaju. 2 INFORMATIVNO STRUČNI LIST JAVNOGA PODUZEĆA ELEKTROPRIVREDE HZ HERCEG BOSNE Sadržaj Novim informacijskim sustavom (SAP-om) do boljega poslovanja .......4 Održana VII. skupština Elektroprivrede HZ HB ................................7 Izvješće neovisnoga revizora ..................................................................8 str. 4 Potpisani ugovori o istražnim radovima na CHE Vrilo.......................10 Elektroprivreda i liberalizacija tržišta ..................................................11 30. rođendan CHE Čapljina ...............................................................13 Posjet njemačkoga veleposlanika i predstavnika KfW banke hidroelektrani Rama ............................................................................14 Primjena novih Općih uvjeta i Pravilnika o priključcima ....................16 HE Mostarsko Blato u izgradnji .........................................................17 str. 7 Uspješno provedena
    [Show full text]
  • U.S. Offshore Wind Market Report & Insights 2020
    RAMPION OFFSHORE WIND FARM — COURTESY OF ATKINS THE BUSINESS NETWORK FOR OFFSHORE WIND U.S. OFFSHORE WIND MARKET REPORT & INSIGHTS 2020 MEMBERS ONLY The Business Network for Offshore Wind’s2020 U.S. Offshore Wind Market and Insights offers an analysis of federal and state government activity to better understand how it may affect your business planning and the industry holistically. The federal government has turned its attention to the burgeoning industry to offer more regulation. Congress and federal agencies beyond the Department of Interior’s Bureau of Ocean and Energy Management and U.S. Department of Energy are now affecting how the offshore wind industry will operate into the future. This report also discusses how some of the challenges facing offshore wind are being addressed. The health and safety of workers – whether onshore or offshore – are a paramount tenet within the industry. Particular- ly at this time, the offshore industry remains proactive in its response to the coronavirus epidemic, having put in place telework directives, eliminating unnecessary travel, and following government guidelines. As a result of these protocols, Europe has reported minimal disruptions to the supply chains and the 15 offshore wind projects in the U.S., remain in the planning and development stages. It is too soon to know exactly how the global COVID-19 epidemic disruption will affect the U.S. offshore wind in- dustry. Our main concern centers around the economic hardship a long-term shutdown and recession would place on secondary and tertiary U.S. suppliers. It is important to point out, however, that there is almost 10GWs of U.S.
    [Show full text]
  • Oklahoma | Rose Rock
    Oklahoma | Rose Rock Location Rose Rock Wind Farm will be located on Oklahoma ranchland amoung the Arbuckle Mountains in Murray and Carter Counties. The turbines will be approximately 15 miles north of Ardmore on the rolling, windy landscape of south central Oklahoma. Energy Output Rose Rock Wind Farm will have an installed capacity of 100 megawatts (MW) – enough to power approximately 25,717 average homes with clean energy each year.1 Benefits to the Community Rose Rock Wind Farm will contribute significant economic benefits to the surrounding community in the form of payments to land owners, local spending, and annual community investment. The development, construction, and operation of the wind farm will also generate a significant number of jobs in the area. Environmental Benefits Rose Rock Wind Farm avoids adding over 166,090 tons of carbon dioxide to the atmosphere per year, the equivalent of removing 29,293 cars from the road.2 Blue Canyon Wind Farm O&M Office 3109 State Highway 19. Carnegie, OK 73015 T: 580.654.1955 F: 580.654.1949 Power Purchasers Lincoln Electric System (LES) out of Lincoln, Nebraska will be the purchaser of the clean, domestic energy generated by Rose Rock Wind Farm. Serving more than 114,00 residential and 15,000 commercial and industrial customers, LES provides electricity to 200 square miles within Lancaster County in Nebraska. Technology The Rose Rock Wind Farm will incorporate 50 turbines rated at 2 MW each. These modern wind turbine generators are robust, sophisticated, high-tech machines designed to capture the kinetic energy of the wind and convert it into electricity.
    [Show full text]
  • Offshore Wind Market Report: 2021 Edition Offshore Wind Market Report: 2021 Edition
    Offshore Wind Market Report: 2021 Edition Offshore Wind Market Report: 2021 Edition Disclaimer This work was prepared as an account of work sponsored by an agency of the United States Government. Neither the United States Government nor any agency thereof, nor any of their employees, nor any of their contractors, subcontractors or their employees, makes any warranty, express or implied, or assumes any legal liability or responsibility for the accuracy, completeness, or any third party’s use or the results of such use of any information, apparatus, product, or process disclosed, or represents that its use would not infringe privately owned rights. Reference herein to any specific commercial product, process, or service by trade name, trademark, manufacturer, or otherwise, does not necessarily constitute or imply its endorsement, recommendation, or favoring by the United States Government or any agency thereof or its contractors or subcontractors. The views and opinions of authors expressed herein do not necessarily state or reflect those of the United States Government or any agency thereof, its contractors or subcontractors. ii Offshore Wind Market Report: 2021 Edition Authors The authors of this report are: Walter Musial, National Renewable Energy Laboratory (NREL) Paul Spitsen, U.S. Department of Energy Philipp Beiter, NREL Patrick Duffy, NREL Melinda Marquis, NREL Aubryn Cooperman, NREL Rob Hammond, NREL Matt Shields, NREL. iii Offshore Wind Market Report: 2021 Edition Acknowledgments The authors would like to extend thanks to Patrick Gilman and Nate McKenzie from the U.S. Department of Energy (DOE) Wind Energy Technologies Office for supporting this research. Thanks also to Liz Hartman, Dan Beals, Gage Reber, and Monica Maher from the DOE Wind Energy Technologies Office for their support and strategic guidance.
    [Show full text]
  • 2019 Offshore Wind Technology Data Update
    2019 Offshore Wind Technology Data Update Walter Musial,1 Philipp Beiter,1 Paul Spitsen,2 Jake Nunemaker,1 Vahan Gevorgian,1 Aubryn Cooperman,1 Rob Hammond,1 and Matt Shields1 1 National Renewable Energy Laboratory 2 U.S. Department of Energy NREL/TP-5000-77411 October 2020 Table of Contents Slide Numbers 1 Data and Methodology 3‒6 2 U.S. Offshore Wind Data 7‒25 3 Global Offshore Wind Data 26‒36 4 Global Floating Offshore Wind Data 37‒47 5 2019 Offshore Wind Technology Trends 48‒62 6 2019 Offshore Wind Cost Data 63‒70 7 References 71‒77 7 Notice and Acknowledgments 78 Data and Methodology Data Sources This update draws data from the U.S. Department of Energy’s (DOE’s) National Renewable Energy Laboratory’s (NREL’s) internal offshore wind database, which is built on internal research and a wide variety of data sources, including peer-reviewed literature, press releases, industry news reports, manufacturer specification sheets, and global offshore wind project announcements. For the database, NREL has verified and sourced data from the following publications: • The 4C Offshore Wind Database (4C Offshore 2020) • Bloomberg New Energy Finance (BNEF) Renewable Energy Project Database (BNEF 2020) • 4C Offshore Vessel Database (4C Offshore 2020) • Wood Mackenzie Wind Turbine Trends (Wood Mackenzie 2020). • Link to 2019 Data Table NREL | 4 Scope and Pipeline Definitions • This work defines the offshore wind project pipeline as potential offshore wind development indicated by developer announcements or by areas made available for offshore wind development by regulatory agencies. • The scope of this report covers the global fleet of projects in the pipeline through December 31, 2019.
    [Show full text]
  • Analyzing the US Wind Power Industry
    +44 20 8123 2220 [email protected] Analyzing the US Wind Power Industry https://marketpublishers.com/r/A2BBD5C7FFBEN.html Date: June 2011 Pages: 230 Price: US$ 300.00 (Single User License) ID: A2BBD5C7FFBEN Abstracts The rise of wind energy is no longer being looked upon as an alternate source of energy. The United States is a leader in the field of wind energy and the US in 2010 was the second largest user of wind energy in the world, just behind China. In fact, the US had over 40,000 megawatts of installed capacity of wind power by the end of 2010. Aruvian’s R’search presents an analysis of the US Wind Power Industry in its research report Analyzing the US Wind Power Industry. In this research offering, we carry out an in-depth analysis of the wind power market in the United States. We begin with an analysis of the market profile, market statistics, wind power generation by state, installed capacity growth, analysis of wind resources in the US, and many other points that are important for investors looking to invest in the US wind power sector. This report also undertakes a cost analysis of wind power in the US, along with an analysis of the major market trends and challenges facing the industry. The small wind turbines market in the US is analyzed comprehensively in this report as well and includes a market profile, market statistics, the emergence and importance of hybrid small wind turbines, very small wind turbines, wind-diesel hybrid turbine systems, and the economics of small wind turbines.
    [Show full text]
  • Analysis of Western Kansas Wind Power Characteristics During 2003 Kansas City Heat Waves
    July 15, 2006 ANALYSIS OF WESTERN KANSAS WIND POWER CHARACTERISTICS DURING 2003 KANSAS CITY HEAT WAVES By Craig Volland, QEP The Issue Electric Utility companies serving Kansas communities have been reluctant to commit to the purchase or installation of a significant amount of wind power in the state. Though KCP&L is investing in one 100.5 MW wind farm near Spearville, they are also proceeding to build a 850 MW coal- fired power plant by 2010 near Weston, Mo., Westar has announced plans for a large coal plant by 2013. Sunflower Electric, with partners, has announced plans for three 650 MW coal-fired boilers near Holcomb, Kansas, and the Bureau of Public Utilities of Kansas City, Kansas has announced plans to build a 250 MW or larger coal plant by 2012 next to their Nearman power station. Both KCP&L and Westar have indicated that wind power is too unreliable for their needs. That is, wind generation may not be sufficient when they need power the most such as during summer heat waves in their service areas. For example, Westar indicated this concern in their slide presentation to the Senate Utilities Committee in the Kansas legislative committee on February 1, 20051. They showed a slide comparing the power generated by the Blue Canyon Wind Farm in Oklahoma during August 2, 2004 compared to their load that day. In proceedings of the Kansas Corporation Commission KCP&L has noted that only 5 to 10 % of wind power output will be accredited by the WPP, the regional transmission authority, as “dispatchable” for meeting peak demand.2 The wind industry responds that temporary declines in wind generation can be reasonably well predicted in advance and compensated for by other sources on the grid, such as gas-fired “spinning reserve” or by purchased power.
    [Show full text]
  • 2020 Woody Tanya Thesis.Pdf (2.403Mb)
    UNIVERSITY OF OKLAHOMA GRADUATE COLEGE ‘WHEN THE WIND COMES RIGHT BEHIND THE’ … SALES PITCH: ALTERNATIVE VIEWS TO WIND ENERGY DEVELOPMENT IN A RURAL OKLAHOMA HOST COMMUNITY A THESIS SUBMITTED TO THE GRADUATE FACULTY in partial fulfillment of the requirements for the Degree of MASTER OF SCIENCE By TANYA S. WOODY Norman, Oklahoma 2020 ‘WHEN THE WIND COMES RIGHT BEHIND THE’ … SALES PITCH: ALTERNATIVE VIEWS TO WIND ENERGY DEVELOPMENT IN A RURAL OKLAHOMA HOST COMMUNITY A THESIS APPROVED FOR THE DEPARTMENT OF GEOGRAPHY AND ENVIRONMENTAL SUSTAINABILITY APPROVED BY THE COMMITTEE CONSISTING OF: Dr. Jeffrey Widener, Chair Dr. Scott Greene Dr. Travis Gliedt © Copyright by TANYA S. WOODY 2020 All Rights Reserved. ABSTRACT ‘WHEN THE WIND COMES RIGHT BEHIND THE’ … SALES PITCH: ALTERNATIVE VIEWS TO WIND ENERGY DEVELOPMENT IN A RURAL OKLAHOMA HOST COMMUNITY By Tanya S. Woody Wind energy development has expanded across the prairie of northwest Oklahoma over the past 17 years. Several factors contributed to the success of wind energy in the state including a volatile economy history spurring a need to diversify the energy-based economy, ideal wind power potential, and state and host community support fueled by a rural benefit narrative. Starting in the early 2000s, the state and rural oil and gas communities familiar with the hardships of volatile fuel markets embraced wind projects as a means to strengthen their local economies and ameliorate rural disadvantages. Literature on the impacts and perceptions of wind energy benefits for host communities, however, remains divided, and little is known about realistic effects and perceptions in the context of a pre-existing energy culture and economy.
    [Show full text]
  • Evolutionary Multi-Objective Energy Production Optimization: an Empirical Comparison
    Mathematical and Computational Applications Article Evolutionary Multi-Objective Energy Production Optimization: An Empirical Comparison Gustavo-Adolfo Vargas-Hákim 1,*, Efrén Mezura-Montes 1 and Edgar Galván 2 1 Artificial Intelligence Research Center, University of Veracruz, Sebastián Camacho 5, Col. Centro, Xalapa 91000, Veracruz, Mexico; [email protected] 2 Naturally Inspired Computation Research Group, Department of Computer Science, Maynooth University, Maynooth W23 F2K8, Kildare, Ireland; [email protected] * Correspondence: [email protected] Received: 21 April 2020; Accepted: 15 June 2020; Published: 16 June 2020 Abstract: This work presents the assessment of the well-known Non-Dominated Sorting Genetic Algorithm II (NSGA-II) and one of its variants to optimize a proposed electric power production system. Such variant implements a chaotic model to generate the initial population, aiming to get a better distributed Pareto front. The considered power system is composed of solar, wind and natural gas power sources, being the first two renewable energies. Three conflicting objectives are considered in the problem: (1) power production, (2) production costs and (3) CO2 emissions. The Multi-Objective Evolutionary Algorithm based on Decomposition (MOEA/D) is also adopted in the comparison so as to enrich the empirical evidence by contrasting the NSGA-II versions against a non-Pareto-based approach. Spacing and Hypervolume are the chosen metrics to compare the performance of the algorithms under study. The obtained results suggest that there is no significant improvement by using the variant of the NSGA-II over the original version. Nonetheless, meaningful performance differences have been found between MOEA/D and the other two algorithms.
    [Show full text]
  • Offshore Wind in the US
    Offshore Wind: A Primer on Trends and Opportunities January 2021 Contents 1. Introduction to Offshore Wind 2. Global Trends 3. Offshore Wind in the US 4. US Philanthropic Landscape 5. EU Foundations & CSOs 6. East Asian Context 7. Conclusion 2 Section 1 Introduction to Offshore Wind Introduction to Offshore Wind Ocean-based renewable energy provides the largest opportunity to mitigate carbon at sea. Ocean-based renewables represent 10% of the global emissions Offshore wind and other marine renewables reductions needed by 2050 to stay under a 1.5°C warming represent 45% of emissions reduction potential in scenario. It represents the largest opportunity to reduce carbon the ocean according to the High-Level Panel emissions through marine activities. Of the existing technologies that generate electricity from the ocean, offshore wind is the most commercially advanced. The sector has grown ~30% per year since 2010 and contributed 1% to global electricity generation in 2019, but its future is far from certain. Project development can take a decade, costs billions of dollars, and can be derailed by multiple stakeholders including fishers, local communities, shifting political regimes, regulatory uncertainty, and conservation concerns. To date, there has been surprisingly little investment by the philanthropic community despite the need. We believe that philanthropy can have an outsized impact in this key climate-wedge through targeted grantmaking. Source: https://oceanpanel.org/sites/default/files/2019-10/HLP_Report_Ocean_Solution_Climate_Change_final.pdf 4 Introduction to Offshore Wind Offshore wind is by far the most developed marine renewable technology. Offshore Wind Other Marine Renewables Technology Turbines are installed offshore and Wave, current, tidal, and ocean thermal energy conversion are affixed directly to the seafloor or (OTEC) are all early-stage technologies that seek to harness float on a platform that is anchored.
    [Show full text]
  • Threshold Power Trust
    A copy of this preliminary prospectus has been filed with the securities regulatory authorities in each of the provinces and territories of Canada but has not yet become final for the purpose of the sale of securities. Information contained in this preliminary prospectus may not be complete and may have to be amended. The securities may not be sold until a receipt for the prospectus is obtained from the securities regulatory authorities. No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. This prospectus constitutes a public offering of these securities only in those jurisdictions where they may be lawfully offered for sale and therein only by persons permitted to sell such securities. The securities offered hereby have not been, and will not be, registered under the United States Securities Act of 1933, as amended (‘‘U.S. Securities Act’’), or the securities laws of any state or other U.S. jurisdiction, and except pursuant to an exemption from registration under the U.S. Securities Act and the applicable securities law of any state or other U.S. jurisdiction, may not be offered or sold in the United States or to, or for the account or benefit, of a U.S. person (as defined in Regulation S under the U.S. Securities Act (‘‘Regulation S’’)). This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any of these securities within the United States. See ‘‘Plan of Distribution’’. PRELIMINARY PROSPECTUS Initial Public Offering July 4, 2013 17JUN201313321386 THRESHOLD POWER TRUST C$ ɀ ɀ Units This prospectus qualifies the distribution of ɀ trust units (‘‘Units’’) of Threshold Power Trust (the ‘‘Trust’’), an unincorporated open-ended limited purpose trust established under the laws of the Province of Ontario, to be issued at a price of C$10.00 per Unit (the ‘‘Offering’’).
    [Show full text]
  • Volumen 27, No. 1, Enero-Junio De 2014
    . REVISTA MEXICANA DE GEOENERGÍA · ISSN 0186 5897 Volumen 27, No.1 Enero- Junio 2014 . CONTENIDO Editorial 1 Evidencia mineralógica del efecto de fluídos ácidos sobre las rocas 3 del yacimiento geotérmico de Los Humeros, Puebla Georgina Izquierdo Montalvo, Alfonso Aragón Aguilar, F. Rafael Gómez Mendoza y Siomara López Blanco Evaluación preliminar del proceso de reinyección en la zona sur 12 del campo geotérmico de Los Azufres, Mich. (1989-2011) con base en las concentraciones de Cl en los fluidos producidos y de reinyección Rosa María Barragán, Víctor Manuel Arellano, Abel Hernández, Alfonso Aragón, Alfredo Mendoza, Lisette Reyes Implementación de la perforación bajo balance en el campo geotérmico de Los Azufres, Mich. 24 Elvia Nohemí Medina Barajas, Emigdio Casimiro Espinoza, Miguel Ángel Ramírez Montes y F. Alejandro Sandoval Medina Nuevas tecnologías en el perfilado de pozos del campo geotérmico de Los Azufres, Mich 35 Adriana Hernández Pérez, Adalberto Ávila Apolinar, Elvia Nohemí Medina Barajas, F. Alejandro Sandoval Medina FORO: Energía Eólica 47 María Teresa Ortega Méndez y Heber Didier Diez León Instrucciones de Publicación de la Revista Geotermia 53 La revista GEOTERMIA es un órgano virtual de información técnica publicado por la Gerencia de Proyectos Geotermoeléctricos (GPG) de la Comisión Federal de Electricidad (CFE), de edición semestral. Su certificado de licitud de título es el número 2784 del 2 de octubre de 1985, y su licitud de contenido es el número 2514 del 1 de diciembre de 1986, ambos expedidos por la Comisión Calificadora de Publicaciones y Revistas Ilustradas de la Secretaría de Gobernación, México. GEOTERMIA REVISTA MEXICANA DE GEOENERGÍA es nombre registrado en la Dirección General de Derechos de Autor de la Secretaría de Educación Pública de México, con la Reserva 01.86.
    [Show full text]