Denham Capital invests $108M in Vulcan Power

(AP) — Private-equity firm Denham Capital said Tuesday that it has invested an additional $108 million in Vulcan Power Co., a developer of geothermal energy projects.

It's Denham's second investment in Vulcan, bringing the total to $166 million. Another major Vulcan investor is Bank of America Merrill Lynch.

Privately held Vulcan has geothermal properties in Nevada, California, Oregon and Arizona.

It said it will use the new funds to further develop the more than 300 megawatts of estimated geothermal capacity that is on half of the company's total acreage. Once operational, the capacity will provide "baseload renewable energy" for up to 300,000 households, Vulcan said.