U.S. Geothermal Receives $97 Million Guarantee for Oregon Plant

Feb. 24 (Bloomberg) -- U.S. Geothermal Inc., a Boise, Idaho-based energy developer, received a $96.8 million loan guarantee from the U.S. Energy Department to build a power plant in eastern Oregon.

The company said its planned 23-megawatt project at Neal Hot Springs is the first to complete a loan guarantee from the agency, according to a statement released today. The funding will cover about 75 percent of total construction costs, the company said. The remaining capital will come from an equity investment of as much as $23.8 million announced in September from Enbridge Inc., Canada’s largest pipeline company.

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To contact the editor responsible for this story: Will Wade at wwade4@bloomberg.net