U.S. Geothermal Gains on Earth Power Resources AcquisitionJustin Doom
U.S. Geothermal Inc. gained the most in more than four months after the Boise, Idaho-based renewable-energy developer said it will acquire privately owned Earth Power Resources.
U.S. Geothermal climbed 12 percent to 52 cents at the close in New York, the most since May 29.
The company is exchanging 692,769 shares for all outstanding shares of Tulsa, Oklahoma-based EPR, which will have no debt or obligations when the deal closes, according to a statement today. Shareholders are expected to approve the acquisition by the end of November, U.S. Geothermal said.
U.S. Geothermal is gaining EPR’s project database and geothermal leases that cover more than 26,000 acres in Nevada. The deal includes three projects with total capacity ranging from 158 megawatts to 359 megawatts.