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U.S. Geothermal receives $10.7m cash grant for Nevada project

U.S. Geothermal receives $10.7m cash grant for Nevada project San Emidio power plant in Nevada, U.S. (Source: U.S. Geothermal)
Alexander Richter 16 Nov 2012

U.S. Geothermal reports its wholly owned subsidiary USG Nevada LLC has received a $10.7 million cash grant from the U.S. Department of Treasury.

U.S. Geothermal reports that its wholly owned subsidiary USG Nevada LLC has received a $10.7 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. An existing $7.5 million bridge loan and its associated administrative costs have been paid in full with the balance of $2.9 million retained by the company.

Source: Company release via NASDAQ