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4-Traders Homepage  >  Equities  >  Toronto Stock Exchange  >  US Geothermal Inc    GTH

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U.S. Geothermal Inc. : $10.7 Million Cash Grant Received for San Emidio Project

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11/15/2012 | 05:15pm CET


November 15, 2012
In the U. S.: NYSE MKT: HTM and in Canada: TSX: GTH

U.S. GEOTHERMAL RECEIVES $10.7 MILLION CASH GRANT FOR SAN EMIDIO GEOTHERMAL POWER PROJECT BOISE, Idaho, November 15, 2012 (NYSE MKT: HTM, TSX: GTH) U.S. Geothermal Inc., 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 received its $10.7 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. An existing $7.5 million bridge loan and its associated administrative costs have been paid in full with the balance of $2.9 million retained by the Company.

Electrical energy from the new power plant is being sold for $89.75 per megawatt hour ("MWH"), subject to a 1% annual escalator, under the terms of a 25-year power purchase agreement with Sierra Pacific Power Company. Using the existing production and injection wells, the new San Emidio plant is projected to generate an average of approximately 75,000
MWHs of electrical power each year and replaces an existing facility that, prior to being removed from service, generated approximately 23,000 MWHs annually for some 20 years.

About US Geothermal:

U.S. Geothermal Inc. is a leading renewable energy development company that is operating geothermal power projects at Raft River, Idaho and San Emidio, Nevada. The Neal Hot Springs, Oregon project, which is currently under start up commissioning, is the company's third operating power project.
Please visit our Website at: www.usgeothermal.com

FOR ADDITIONAL INFORMATION PLEASE CONTACT:

Saf Dhillon - Investor Relations
U.S. Geothermal Inc. Tel: 866-687-7059
Fax: 208-424-1030 saf@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 actual results of the production and injection compared to management's forecasts and projections at San Emidio and Neal Hot Springs. Readers are cautioned to review the risk factors identified by the company in its filings with Canadian and US securities agencies. Fmward­ looking statements are based on management's expectations, beliefs and opinions on the date the statements are made. U.S. Geotherrnal Inc. assumes no obligation to update fmward-looking statements if management's expectations, beliefs, or opinions, or other factors, should change.

The NYSE MKT and the TSX do not accept responsibility for the adequacy ofthis release.

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Average target price 6,04 $
Spread / Average Target 39%
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NameTitle
Dennis J. Gilles Chief Executive Officer & Director
Douglas J. Glaspey President, Chief Operating Officer & Director
John H. Walker Chairman
Kerry D. Hawkley CFO, Secretary & Principal Accounting Officer
Leland L. Mink Independent Director
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