Nevada Geothermal Power receives US$7.9m federal grant in lieu of tax credit
Nevada Geothermal Power receives a US$7.9m federal grant for additional work at Blue Mountain, as part of US Department of Treasury, Specified Energy Property in Lieu of Tax Credits.
In an announcement this week, “Nevada Geothermal Power Inc. (TSX-V: NGP) announces that the United States Department of the Treasury has informed NGP that the Company’s application in the amount of approximately US$7.9 million for Specified Energy Property in Lieu of Tax/Credits relating to additional drilling completed at Blue Mountain ‘Faulkner 1’ geothermal power plant subsequent to being placed in service has been approved under Section 1603, Division B of the American Recovery and Reinvestment Act of 2009. Payment of the full amount is expected imminently.
Faulkner 1 was placed in service on October 9, 2009 and NGP has since completed new well field work that was not included in the original application. The Company intends to use the funds to repay a portion of the debt owing to lenders.”
Source: Company announcement