Rochester, NY 9/1/2009 11:42:51 AM
US Geothermal Inc.,HTM, Down by 5.30% During After-Market Trading
US Geothermal Inc.
US Geothermal Inc announced that it has been selected by the U.S. Department of Energy (DOE) to enter into due diligence review on an $85 million project loan for its Neal Hot Springs project in eastern Oregon. The DOE loan is expected to provide 80% of the $106 million estimated total capital cost. Construction of a binary cycle power plant utilizing significantly improved technology is expected to begin in mid 2010.
The new plant, designed to deliver 22 megawatts (MW) of power net to the grid, is scheduled to begin commercial operations in late 2011. The DOE loan is anticipated to be a combined construction and long term loan and provide the project with a low cost annual interest rate.
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Last Trade: 1.43
Day's Range: 1.41 - 1.51
52wk Range: 0.33 - 2.35
Change: Down 0.08 (5.30%)
Volume: 572,022
Avg Vol (3m): 549,654
ABOUT U.S. Geothermal Inc.
U.S. Geothermal Inc. engages in the acquisition, development, and utilization of geothermal resources in the western region of the United States. The company owns interests in the Raft River project that consists of 10 parcels comprising approximately 783.93 acres of fee land and 4,736.79 acres of contiguous leased geothermal rights located in Cassia County, Idaho; and the Neal Hot Springs area located in eastern Oregon. It also has interests in a 3.6 megawatt operating geothermal power plant, and approximately 28,358 acres of geothermal energy leases and certain ground water rights located in the north of Reno, Nevada; geothermal rights for 3,615 acres located in northwestern Nevada near the town of Gerlach; and the Granite Creek assets that comprises 5,414 acres of geothermal leases located about 6 miles north of Gerlach, Nevada.
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