ThinkGeoEnergy – Geothermal Energy News

Nevada Geothermal to apply for cash grant for Faulkner 1

Nevada Geothermal Power Inc. announced that its US subsidiary, NGP Blue Mountain 1 LLC, has applied for a Cash Grant of US $57.9 million for the Faulkner 1 geothermal power plant under the American Recovery and Reinvestment Act of 2009.

In a release today, “Nevada Geothermal Power Inc. (TSX-V: NGP) announced that its US subsidiary, NGP Blue Mountain 1 LLC, has applied for a Cash Grant of US $57.9 million for the Faulkner 1 geothermal power plant under the American Recovery and Reinvestment Act of 2009. The Cash Grant has a value of 30% of the total eligible capital costs for the project and will be paid directly by the US
Department of the Treasury.

On October 9th, 2009, NGP`s “Faulkner 1″ geothermal power plant did achieve the remaining milestones necessary to file the grant application with the US Department of Treasury, including an audit of eligible costs by an independent third party accounting firm and certification of the power plant by an independent engineering consultant. NGP anticipates that Treasury will review the application made October 13th, 2009, and make payment within 60 days of this date.

NGP will use the funds to reduce the outstanding TCW loan balance and/or fund the drilling proposed by the earlier announced GeothermEx modeling.”

Source: Company announcement via Reuters

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