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News Breaks | | | | March 6, 2013 | | 09:15 EDT |  | HTM | U.S. Geothermal received $1.05M grant balance, achieves completion at San Emido
U.S. Geothermal announced that its wholly owned subsidiary USG Nevada received the $1.05M balance of its $11.75M 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. As announced on November 15, 2012, the company already received a $10.7M portion of the grant. The company also is pleased to announce that it has reached final commercial settlement with its engineering, procurement and construction, or EPC, contractor and the San Emidio geothermal project achieved substantial completion under the terms of a fixed price EPC contract. The EPC contractor will complete a small number of final work items during a planned maintenance outage beginning April 9, 2012. Work continues on finalizing a long term project loan which is now anticipated to close in Q2. The new San Emidio plant is projected to generate up to 75,000 megawatt hours of electrical power each year. | |
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