U.S. Geothermal Acquires Plant in Nevada

U.S. Geothermal Inc. announced that it has completed a previously announced transaction with Michael B. Stewart individually and Empire Geothermal Power LLC to acquire a 3.6-megawatt (MW) operating geothermal power plant and approximately 28,358 acres of geothermal energy leases and certain ground water rights all located north of Reno, Nevada.

The asset purchase transaction was structured with an initial closing on April 1, 2008 and the final closing on April 30, 2008. U.S. Geothermal will pay a total transaction purchase price was US $16.62 million.

The 3.6-megawatt geothermal power plant has been producing power since 1987 and sells electricity to Sierra Pacific Power under an existing power purchase agreement (PPA) that extends through 2017.

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