Baker Hughes, Mantle Reach sign deal for 500 MW geothermal power in North America
Baker Hughes, Mantle Reach sign deal for 500 MW geothermal power in North America June 24 (Reuters) - Oilfield services provider Baker Hughes BKR.O has signed an agreement with geothermal developer Mantle Reach Power to deliver up to 500 megawatts of capacity in North America, the companies said on Wednesday.
The deal comes as growing power demand from data centers and artificial intelligence drives interest in reliable, around-the-clock electricity sources such as geothermal.
Under the agreement, Baker Hughes will act as an integrated subsurface solutions provider, while Mantle Reach Power will lead project development, ownership and financing.
The companies said the collaboration targets up to 500 MW of power over the next five years, with the phased agreement covering the development, construction and operation of geothermal projects.
Mantle Reach Power is backed by EnCap Energy Transition Fund III, part of EnCap Investments, which has raised about $47 billion across 25 institutional funds, the companies said.
(Reporting by Varun Sahay in Bengaluru; Editing by Leroy Leo)
((Varun.Sahay@thomsonreuters.com;))
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