U.S. Geothermal with key construction permit approved for Neal Hot Springs project
U.S. Geothermal Inc. receives the Conditional Use Permit for construction of its proposed 22 net megawatt power plant at Neal Hot Springs in eastern Oregon.
In a release, “U.S. Geothermal Inc. (TSX: GTH) , announced that it has received the Conditional Use Permit from the Malheur County Planning Commission for construction of its proposed 22 net megawatt power plant at Neal Hot Springs in eastern Oregon. The Conditional Use Permit received unanimous approval at a September 24, 2009 Planning Commission meeting and was issued on October 28, 2009.
Daniel Kunz, U.S. Geothermal’s President and CEO said, “Approval of the Conditional Use Permit is a key project milestone. We appreciate the continued support from Malheur County and the State of Oregon as we advance toward construction of the Neal Hot Springs geothermal power plant.” U.S. Geothermal anticipates receipt of a term sheet for a project loan from the U.S. Department of Energy for the Neal Hot Springs project which is currently undergoing due diligence review. Work also continues on a draft power purchase agreement that is projected to be completed soon. The $106 million project is expected to qualify for about $27 million under the ITC cash grant program and is currently planned to be online by the fourth quarter of 2011.”
Source: Company release via Ajax World Magazine