X-Caliber Rural Capital secures $100MM loan for geothermal project development

X-Caliber Rural Capital, recognized as the leading USDA lender by volume for FY 2023, has successfully closed a $100 million bridge loan through its affiliate, XRL-ALC, LLC, to facilitate the initial phase of the Cape Station geothermal project in Beaver County, Utah. This project, developed by Fervo Energy, is set to be the largest next-generation geothermal energy initiative globally, with Phase I expected to generate 90 MW of renewable energy capacity by June 2026. The Cape Station project is part of a broader multi-phased development aiming to achieve a total capacity of 400 MW by 2028, which will provide continuous power to the grid. This initiative is crucial as it addresses the increasing demand for electricity, particularly with the rise of artificial intelligence data centers, which could potentially double electricity consumption by 2030. The financing provided by X-Caliber is intended to support the local economy and create job opportunities, showcasing the impact of investing in rural communities. The project is already contracted to supply renewable energy to utilities in California, benefiting hundreds of thousands of homes. As the first utility-scale geothermal project for Fervo, Cape Station represents a significant advancement in sustainable energy technology. The development is expected to revitalize the Milford Valley, demonstrating how innovative energy solutions can contribute to both local and global sustainability efforts.