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Nevada Geothermal Agrees to Transfer Power Plant to Resolve Debt

Jan. 16 (Bloomberg) -- Nevada Geothermal Power Inc., the clean-energy company that received U.S. backing for a $98.5 million loan, will transfer ownership of a power plant to EIG Global Energy Partners LLC to settle a debt.

Nevada Geothermal will give up its 100 percent stake in the Blue Mountain geothermal field to repay a loan of about $97.4 million, Vancouver-based Nevada Geothermal said today in a statement. The deal is expected to close within two months.

The company said in September it was considering transferring the plant to EIG after projecting the facility will produce less power than expected. The shares fell below one Canadian cent at the close in Toronto.

The U.S. Energy Department guaranteed 80 percent of the loan that Nevada Geothermal received in 2010.

To contact the reporter on this story: Justin Doom in New York at jdoom1@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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