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Enbridge Stake in U.S. Geothermal Oregon Project Doubles to 40%

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Feb. 25 (Bloomberg) -- Enbridge Inc. finalized an ownership agreement and now holds a 40 percent stake in the first geothermal project to receive a U.S. loan guarantee.

Enbridge has invested $32 million in the $139.3 million Neal Hot Springs project, Kristen Higgins, a spokeswoman for the Calgary-based company, said today in an e-mail. The power-generation project was completed in August.

U.S. Geothermal Inc. holds 60 percent of the 22-megawatt project in Vale, Oregon, the company said in a statement yesterday. Enbridge initially held 20 percent before ownership amounts were recalculated to account for federal and state tax credit and reserve fund disbursements.

U.S. Geothermal, based in Boise, Idaho, invested $14 million in the project, Saf Dhillon, a company spokesman, said today in an interview. The balance was provided by a federal government loan. The U.S. Energy Department guaranteed a $96.8 million loan for Neal Hot Springs.

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