BOISE, IDAHO--(Marketwire - March 6, 2013) - U.S. Geothermal Inc. (TSX:GTH)(NYSE MKT:HTM), a leading renewable energy development company focused on the development, production and sale of electricity from geothermal energy, announced today that its wholly owned subsidiary USG Nevada LLC (the "Company") received the $1.05 million balance of its $11.75 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. As announced on November 15, 2012, the Company already received a $10.70 million portion of the grant.
The Company also is pleased to announce that it has reached final commercial settlement with its engineering, procurement and construction ("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 2013.
For January and February 2013, the geothermal power plant produced 6,111 and 6,373 megawatt hours, respectively. Electrical energy from the new power plant is being sold under the terms of a 25-year power purchase agreement with Sierra Pacific Power Company. The new San Emidio plant is projected to generate up to 75,000 megawatt hours of electrical power each year.
About US Geothermal:
U.S. Geothermal Inc. is a leading renewable energy company focused on the development, production and sale of electricity from geothermal energy and is operating geothermal power projects at Raft River, Idaho, San Emidio, Nevada and Neal Hot Springs, Oregon. The company is developing El Ceibillo, an advanced stage, steam geothermal prospect located within a 24,710 acre (100sq km) energy rights concession area located 8.5 miles (14 km) from Guatemala City, the largest city in Central America.
Please visit our Website at: www.usgeothermal.com
The information provided in this news release may contain forward-looking statements within the definition of the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995. These statements are based on U.S. Geothermal Inc.'s current expectations and beliefs and are subject to a number of risks and uncertainties that can cause actual results to differ materially from those described, including but not limited to, the results from the work underway to secure long term financing at San Emidio. Readers are cautioned to review the risk factors identified by the company in its filings with Canadian and US securities agencies. Forward-looking statements are based on management's expectations, beliefs and opinions on the date the statements are made. U.S. Geothermal Inc. assumes no obligation to update forward-looking statements if management's expectations, beliefs, or opinions, or other factors, should change.
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