U.S. Geothermal Inc. Announces Final Completion of the Innovative Technology
Neal Hot Springs Power Plant
BOISE, IDAHO -- (Marketwired) -- 08/01/13 -- U.S. Geothermal Inc.,
(NYSE MKT:HTM) (TSX:GTH) a leading renewable energy company focused
on the development, production, and sale of electricity from
geothermal energy, announced today that Final Completion of the 22
megawatt (net) Neal Hot Springs Project has been achieved. Yesterday,
the project also received the final advance under the DOE loan
The Neal Hot Springs Project was the first geothermal project to
obtain a loan guarantee under the DOE's Title XVII loan guarantee
program, which was created by the Energy Policy Act of 2005 to
support the deployment of innovative clean energy technologies. The
DOE loan guarantee, guarantees a loan from the U.S. Treasury's
Federal Financing Bank. The project was authorized for a loan
guarantee of up to $96.8 million.
The Neal Hot Springs project deployed a first of its kind binary
cycle process, utilizing a supercritical cycle that uses R134a
refrigerant as the working fluid, as well as pre-fabricated modular
construction of major plant components.
The Neal Hot Springs project created high-quality American
manufacturing and construction jobs through the construction of the
power plant, which was supplied by Houston-based TAS Energy Inc., a
provider of high efficiency modular energy systems. U.S. Geothermal
estimates that about 95 percent of the power plant's infrastructure
and parts were supplied by U.S. based manufacturers. In addition,
approximately 150 construction jobs and over a dozen permanent jobs
were created during the project's 20-month construction phase.
The project is selling electricity to Idaho's largest utility, Idaho
Power Company, under a previously signed 25-year power purchase
agreement for up to 25 megawatts of power per year. Beginning in
2012, the base energy price is $96 per MW Hour and escalates
annually. The calculated 25-year levelized price is $117.65 per MW
"The success of this new first of its kind project at Neal Hot
Springs is a major milestone for both our company, and the entire
geothermal industry", said Mr. Dennis Gilles, Chief Executive Officer
of U.S. Geothermal Inc.. "The Neal Hot Springs project reflects the
true success of the collaborative effort among U.S. Geothermal and
our equity partner Enbridge, the Department of Energy who provided
the low cost financing under their innovative technology program, and
TAS Energy Inc. who provided the innovative plant equipment. We truly
appreciate the formidable efforts on behalf of all those involved in
"Enbridge is excited to be part of the Neal Hot Springs project,
which represents our first investment in geothermal energy. We are
very pleased with the outcome, and look forward to additional
opportunities in the future", said Chuck Szmurlo, Vice President of
Alternative & Emerging Technology of Enbridge Inc.
"The successful result of the Neal Hot Springs project has further
strengthened our ability to confidently offer this advanced
technology to the broader geothermal industry and implement in other
countries," said J.T. Grumski, Chief Executive Officer of TAS Energy
Inc. "We expect that the global deployment of this reliable, clean
and economic technology will only continue to grow."
Please visit our Website at: http://www.usgeothermal.com.
About U.S. Geothermal Inc.:
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.
About Enbridge Inc.:
Enbridge Inc., a Canadian company, is a North American leader in
delivering energy and one of the Global 100 Most Sustainable
Corporations. As a transporter of energy, Enbridge operates, in
Canada and the U.S., the world's longest crude oil and liquids
transportation system. The Company also has a significant and growing
involvement in natural gas gathering, transmission and midstream
businesses, and an increasing involvement in power transmission. As a
distributor of energy, Enbridge owns and operates Canada's largest
natural gas distribution company, and provides distribution services
in Ontario, Quebec, New Brunswick and New York State. As a generator
of energy, Enbridge has interests in more than 1,600 megawatts of
renewable and alternative energy generating capacity and is expanding
its interests in wind and solar energy and geothermal. Enbridge
employs approximately 10,000 people, primarily in Canada and the U.S.
and is ranked as one of Canada's Greenest Employers, and one of the
Top 100 Companies to Work for in Canada. Enbridge's common shares
trade on the Toronto and New York stock exchanges under the symbol
ENB. For more information, visit www.enbridge.com.
About TAS Energy Inc.:
TAS Energy Inc. is a global technology company providing clean,
economic, modular energy solutions for the power generation industry;
district, commercial and industrial process cooling; data
center/mission critical markets; and the renewable energy sector. A
holder of multiple U.S. patents for technology advancements, TAS
Energy leads the industries we serve by delivering turbine inlet
chilling with energy storage solutions such as Generation Storage(R),
Organic Rankine Cycle technology for geothermal and waste heat
applications, modular central plants and data centers; all designed
for high life cycle financial performance. For more information on
TAS Energy, please visit www.tas.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
exploration, production and injection well drilling at El Ceibillo.
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.
The NYSE MKT and the TSX do not accept responsibility for the
adequacy of this release.
U.S. Geothermal Inc.
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