U.S. Geothermal Completes $34 Million Project Financing

Boise, Idaho [] U.S. Geothermal Inc. announced completion of $34 million in project financing for Phase 1 of its Raft River project. Phase 1 is expected to produce 10 MW of electrical power to be delivered to Idaho Power Company under a 20-year power purchase agreement. Raft River Holdings I LLC will contribute $34 million in cash and U.S. Geothermal will contribute $5 million in cash and approximately $1.5 million in property to Raft River Energy I LLC (RRE), the Phase 1 project joint venture company. The total Phase 1 remaining construction and development costs are expected to be $39 million for the installation of a binary cycle geothermal power project capable of producing 13 MW of power. The RRE financing applies only to Phase 1 of the Raft River development plan.