News

U.S. Geothermal Inc. with quarterly report

Alexander Richter 12 Feb 2009

U.S. Geothermal Inc. (TSX:GTH, AMEX:HTM), a Delaware corporation listed on the Toronto Stock Exchange and AMEX, just provided a quarterly report. In the report the company highlights the activities of the last year.

U.S. Geothermal Inc. (TSX:GTH, AMEX:HTM), a Delaware corporation listed on the Toronto Stock Exchange and AMEX, just provided a quarterly report.

In the report the company highlights the activities of the last year, including the following updates on:

  • operation of the Unit 1 power plant at the Raft River, idaho geothermal project,
  • evaluating flow test results from exploration well and other drilling work at Neal Hot Springs in Oregon,
  • integration and operation of newly acquired San Emidio (form. Empire) power plant in Nevada,
  • acquisition of permits for exploration and drilling at San Emidio project, as well as
  • the evaluation of potential new geothermal project acquisitions.

The document provides further details on projects and operations. It talks about the financing package for Unit I of the Raft River project in Idaho, to which the company “contributed US$ 13 million in cash and US$ 1.5 million in property to Raft River Energy I LLC, the Unit I project joint venture. Raft River I Holdings, LLC, a subsidiary of The Goldman Sachs Group, contributed $34 million to finance the construction of the project. Additional investment may be required for Unit I to operate at design capacity.”

The company also describes procedures it has implemented to conserve cash, reduce costs and maximize revenue” to deal with these difficult times. Further the company warns that the “current status of the credit and equity markets could delay our project development activities while the Company seeks to obtain economic credit terms or a favorable equity market price to further the drilling and construction activities. The Company continues discussions with potential investors to evaluate alternatives for funding at the corporate and project levels.”

Source: 10-Q: US Geothermal Inc. via Marketwatch