US Geothermal completes San Emidio plant and receives cash grant
San Emidio power plant in Nevada, U.S. (Source: U.S. Geothermal)
Alexander Richter
6 Mar 2013
U.S. Geothermal reports receiving last part of cash grant and having reached final commercial settlement with EPC contractor for the San Emidio geothermal power project in Nevada with the substantial completion of construction.
In a release, geothermal developer “U.S. Geothermal Inc., reports “that its wholly owned subsidiary USG Nevada LLC received the $1.05 million balance of its $11.75 million cash grant from the U.S. Department of Treasury. The cash grant is for Specified Energy Property in Lieu of Tax/Credits relating to the San Emidio geothermal power plant under Section 1603, Division B of the American Recovery and Reinvestment Act of 2009. As announced on November 15, 2012, the Company already received a $10.70 million portion of the grant.
U.S. Geothermal also announces that it has reached final commercial settlement with its engineering, procurement and construction contractor and the San Emidio geothermal project achieved substantial completion under the terms of a fixed price EPC contract. The EPC contractor will complete a small number of final work items during a planned maintenance outage beginning April 9, 2012. Work continues on finalizing a long term project loan which is now anticipated to close in Q2 2013.
For January and February 2013, the geothermal power plant produced 6,111 and 6,373 megawatt hours, respectively. Electrical energy from the new power plant is being sold under the terms of a 25-year power purchase agreement with Sierra Pacific Power Company. The new San Emidio plant is projected to generate up to 75,000 megawatt hours of electrical power each year.”
Source: Company release via 4-traders
