Show Me the Money: U.S. Geothermal Grabs $102 Million Loan Guarantee from DOE
U.S. Geothermal Inc. (AMEX:HTM) has scored a US$102.2 million loan guarantee from the U.S. Department of Energy (DOE).
The funds will be used to support the construction of U.S. Geothermal's 22-megawatt Neal Hot Spring power plant. Neal Hot Springs will be located in Malheur County, southeastern Oregon.
This geothermal project aims to use a technology called supercritical binary geothermal cycle. According to the DOE, this geothermal technology is more efficient at drawing thermal energy from the hot water contained below the Earth's surface than standard geothermal power projects.
U.S. Geothermal expects its Neal Hot Spring project to create 150 construction jobs, and then 10 full-time positions once the power plant comes on-line in 2012. The company also has a 25-year power-purchase agreement in place with the Idaho Power Company.
Oregon Governor ted Kulongoski said, "With U.S. Geothermal, Inc., Oregon will be home to another renewable energy company that is not only producing green power to meet current and future energy demands but it is also an innovator within the geothermal industry."
Read the full story at earth2tech: U.S. Geothermal Nabs $102M DOE Loan Guarantee
Image courtesy of Think Geoenergy
Nathanael Baker is the Managing Editor of EnergyBoom. He has researched and reported on the issues of renewable energy, sustainability, and climate change for over two years. He has provided research to the New York Times and The Economist, as well as being published on different media outlets including, The Energy Collective.
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