U.S. Geothermal Signs $4.6 M Renewable Energy Credit Deal

Boise, Idaho [RenewableEnergyAccess.com] U.S. Geothermal Inc. signed a $4.6 million renewable energy credit (REC) purchase and sale agreement encompassing the first 10 years of Phase 1 of the Raft River project. Phase 1 is expected to produce a monthly average of 10 MW of electrical power to be delivered to Idaho Power Company under a 20-year power purchase agreement (PPA). Holy Cross Energy will purchase the RECs associated with Phase 1 power production from 2008 to 2017. U.S. Geothermal retains the RECs associated with power production from Phase 1 after 2017. Phase 1 is currently under construction and is expected to begin commercial power production in the fourth quarter of 2007.
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