Storage

U.S. Geothermal Receives Balance of $11.8 Million Treasury Grant

Justin Doom, Bloomberg

NEW YORK CITY — U.S. Geothermal Inc., a renewable- energy developer with projects in three Western states and Guatemala, received the balance of a Treasury Department grant of $11.8 million for a project in Nevada.

“This seems to be another item USG is crossing off the to- do list as it ties up loose ends in the U.S., in preparation to focus full attention on its project-development interests outside the U.S.,” Mark Taylor, a Bloomberg New Energy Finance analyst based in Washington, said in an e-mail today.

The company’s Nevada unit had received $10.7 million as of Nov. 15, according to a statement today. The San Emidio facility is projected to generate 75,000 megawatt hours annually. During January and February it produced more than 6,100 megawatt hours a month to sell to Sierra Pacific Power Co. under a 25-year agreement.

U.S. Geothermal is developing a project about nine miles (14 kilometers) from Guatemala City, and “discussions and planning are under way for the development of a power-purchase agreement,” according to the Boise, Idaho-based company’s website.

Copyright 2013 Bloomberg

Lead image: Geothermal via Shutterstock

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