Sierra Geothermal Power Corp., a Vancouver company, said last week it's spent $5.25 million on exploration of a geothermal project near Austin.
The investment is enough, the company said, to acquire a 100 percent interest in leases on a 6,145-acre area known as the Reese River project.
It's about 27 miles north of Austin in Lander County. Western Geothermal Partners LLC previously held the leases.
Preliminary studies indicate the property could support at least a 26-megawatt power plant for 20 years. Sierra Geothermal hopes to bring the plan on line by 2012.
