The Surprise Valley Geothermal Development Portfolio, located in Cedarville, California, comprises 1,182 acres of privately deeded geothermal land featuring multiple naturally occurring thermal springs, two artesian cold wells, three shallow hot wells, and a deep well (WME-E1) drilled and owned by Modoc County, which confirmed a high-temperature resource. The property is strategically positioned adjacent to a power line owned and maintained by Surprise Valley Electric Corporation (SVEC), with an estimated available capacity of 20 MW. The portfolio also includes Surprise Valley Hot Springs, a 21-room resortwith private hot tubs, a 5,912 sq. ft. shop, a 16-parcel subdivision, and an area identified for up to 20 RV spaces (future use subject to permitting and approvals). WME-E1 confirmation/production well — a 3,605-foot, high-temperature geothermal well owned by Modoc County, offering proven production potential and publicly backed resource security. County ownership provides regulatory continuity, long-term permitting stability, and confidence for commercial developers. Nearby Ormat activity underscores regional value — Ormat Technologies has recently acquired a geothermal play about 10 miles north of this property near Lake City, California, highlighting ongoing industry investment in the Surprise Valley resource area. Attractive return potential (20 MW binary/ORC plant) — estimated unlevered IRRs in the mid- to high teens (˜15–25 %) and simple paybacks in 5–8 years, depending on PPA pricing, capacity factor, and capital costs. Opportunity With a rare combination of proven, publicly supported geothermal infrastructure, an established resort and facilities, and large-scale development potential, Surprise Valley Hot Springs offers a premier investment at the intersection of renewable energy, tourism, and commercial growth. Backed by Modoc County’s ownership of the WME-E1 production well and strong state support, the project is well-positioned to advance California’s clean energy goals while delivering attractive long-term returns for developers and energy investors.