Raser Technologies extends agreement with financing partners until November 2nd
Raser Technologies, Inc., signed an additional extension agreement until November 2, 2009, with its financing partners for the Thermo No. 1 plant, allowing the parties time to finalize amendments to the Thermo Financing Agreements.
In a release today, “Raser Technologies, Inc., announced it has signed an additional extension agreement until November 2, 2009, with its financing partners for the Thermo No. 1 plant. This extension will allow the parties time to finalize amendments to the Thermo Financing Agreements.
The contract extension amends the date by which Raser and its partners anticipate finalizing an updated agreement on the structure and final completion date of the Thermo No. 1 plant. The previous deadline was October 16, 2009, and with the new agreement, the date has been reset to November 2, 2009. The Thermo Financing Agreements provide project financing and tax equity capital for the project, and the Company is amending its Thermo Financing Agreements in order to be consistent with recent tax law changes under the American Recovery and Reinvestment Act of 2009. The Company is also amending other provisions and deadlines in the Thermo Financing Agreements related to bringing the project to full capacity. Raser expects to reach full capacity of 10 MW by the end of 2009.
“We continue to make progress on the amendments and are working closely with our financing partners,” said Richard Clayton, Principal Executive Officer. “Finalizing these amendments will allow us the flexibility we need to complete Thermo No. 1 and to continue developing our extensive geothermal capabilities and the infrastructure necessary to deliver clean, renewable energy efficiently and cost-effectively now and in the future.”
Source: Company announcement via Utah Pulse