Key Developments: U.S. Geothermal Inc. (HTM)
1.27USD
9 Feb 2010
$0.01 (+0.79%)
$1.27
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$1.30
$1.24
250,994
491,317
$2.09
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Latest Key Developments
U.S. Geothermal Inc. Signs Neal Hot Springs PPA With Idacorp, Inc.'s Idaho Power Company
U.S. Geothermal Inc. announced that its wholly owned subsidiary USG Oregon LLC has signed a power purchase agreement (PPA) with Idaho Power Company (Idaho Power), a subsidiary of Idacorp, Inc. The 25 year PPA provides for the sale of up to 25 megawatts (MW) from the Neal Hot Springs project in eastern Oregon. Idaho Power will submit the PPA to the Idaho Public Utilities Commission for their approval, which is expected within the next 60 to 90 days.
Key Construction Permit Approved For US Geothermal Inc's Neal Hot Springs Project
US Geothermal Inc announced that it has received the Conditional Use Permit from the Malheur County Planning Commission for construction of its proposed 22 net megawatt power plant at Neal Hot Springs in eastern Oregon. The Conditional Use Permit received unanimous approval at a September 24, 2009 Planning Commission meeting and was issued on October 28, 2009.
US Geothermal Inc Starts Two New Drilling Programs At Neal Hot Springs Project
US Geothermal Inc announced that it has initiated development drilling at the Neal Hot Springs Geothermal Project located in eastern Oregon. Well NHS-5, the first well in this new program, is drilled to a depth of 300 feet. The total depth of the well is planned to be drilled to approximately 2,800 feet where it is expected to encounter a large aperture fracture containing geothermal fluid. Up to three large diameter wells, ranging in depth from 2,300 to 3,800 feet are planned in this drilling program.
US Geothermal Inc Announces Closing of CAD10.9 Million Private Placement Financing
US Geothermal Inc announced the closing of its private placement of 8,100,000 Subscription Receipts, at CAD1.35 per Subscription Receipt, for gross proceeds of CAD10,935,000. Each Subscription Receipt will be automatically exchanged, without additional consideration on the exchange date (described below), for one Unit (a Unit) of the Company. Each Unit consists of one share of common stock of the Company and one half of one common stock purchase warrant (a Warrant"). Each Warrant will entitle the holder thereof to acquire one additional share of common stock of the Company for a period of 24 months following the closing of the offering for USD1.75 per share of common stock. The net proceeds of the offering will be used by the Company for drilling wells at the Neal Hot Springs geothermal project and for general working capital purposes. The proceeds will not be subject to escrow. The offering was co-led by Dundee Securities Corporation and Clarus Securities Inc. and included Toll Cross Securities Inc.
US Geothermal Inc Announces CAD10.9 Million Private Placement Financing
US Geothermal Inc announced that it has entered into an agreement with a syndicate of Canadian investment dealers, pursuant to which the syndicate, as placement agents (the Agents), have agreed to privately place approximately 8,100,000 subscription receipts, at CAD1.35 per subscription receipt, for gross proceeds of approximately CAD10,935,000.
US Geothermal Inc's Neal Hot Springs Oregon Project Selected For Department Of Energy Loan Program
US Geothermal Inc announced that it has been selected by the U.S. Department of Energy (DOE) to enter into due diligence review on an $85 million project loan for its Neal Hot Springs project in eastern Oregon. The DOE loan is expected to provide 80% of the $106 million estimated total capital cost. Construction of a binary cycle power plant utilizing significantly improved technology is expected to begin in mid 2010. The new plant, designed to deliver 22 megawatts (MW) of power net to the grid, is scheduled to begin commercial operations in late 2011. The DOE loan is anticipated to be a combined construction and long term loan and provide the project with a low cost annual interest rate.
US Geothermal Inc Signs Interconnection Agreement For Neal Hot Springs Power Project
US Geothermal Inc announced that an interconnection agreement for the Neal Hot Springs project has been signed with the Idaho Power Company. The agreement encompasses the design and construction of a key transmission line and substation from the Neal Hot Springs project site to IPC's nearby transmission grid. The new 10.3 mile line is being designed for 36 megawatts of transmission capacity. A recent study completed by IPC estimated the construction cost of the new connection to be $3.2 million. IPC is responsible for the design, engineering, right-of-way acquisition and construction of the new line and its associated facilities. This line is part of the development plan for the Neal Hot Springs project that is currently expected to deliver electrical power beginning in early 2011. U.S. Geothermal is completing a feasibility study and preparing project loan and technical documents required to obtain funding for development and construction of the project. The power is expected to be sold under a long term agreement that is currently under negotiations.
US Geothermal Inc's Raft River Wins U.S. Department Of Energy Grant For $9 Million EGS Program
US Geothermal Inc announced that the U.S. Department of Energy (DOE) has chosen U.S. Geothermal's Raft River site in Idaho to demonstrate the viability of Enhanced Geothermal Systems (EGS). The Raft River EGS program totals up to $9 million, with the DOE providing up to $6 million as part of the cost-sharing arrangement. U.S. Geothermal will provide in kind contributions to the program through the use of several existing wells and technical data. The remaining team members are providing key contributions to the program. The program is designed to perform a monitored thermal stimulation of an existing injection well to improve permeability within the geologic horizon that hosts the Raft River geothermal reservoir.
US Geothermal Inc Forms Exploration Joint Venture With Gerlach Green Energy LLC In Nevada
US Geothermal Inc announced that it has entered into a joint venture agreement with Gerlach Green Energy LLC of Nevada (GGE). The target of the joint venture is the exploration of the Gerlach geothermal system, which is located in northwestern Nevada, at the town of Gerlach. The JV agreement establishes a limited liability company named Gerlach Geothermal LLC. The agreement provides for a 60% U.S. Geothermal ownership interest in the joint venture by a subsidiary of the Company and a 40% ownership interest by GGE, with the Company expending $2,000,000 toward the project, of which $300,000 is a property contribution in the form of a BLM geothermal lease.
US Geothermal Inc Completes Acquisition Of Producing Geothermal Power Plant And Energy Rights In Nevada
US Geothermal Inc announced that it has completed a transaction with Michael B. Stewart individually and Empire Geothermal Power LLC (Empire) (together Seller), and acquired a 3.6-megawatt operating geothermal power plant and approximately 28,358 acres (44.3 square miles) of geothermal energy leases and certain ground water rights all located north of Reno, Nevada. The asset purchase transaction (the Transaction) was structured with an initial closing on April 1, 2008, and the final closing on April 30, 2008. The total Transaction purchase price was $16.62 million. The Transaction assets are comprised of two locations, the San Emidio assets and the Granite Creek assets. The San Emidio assets are located in the San Emidio Desert, Washoe County, Nevada and include the geothermal power plant project, approximately 22,944 acres (35.9 square miles) of geothermal leases, and ground water rights used for cooling water. The Granite Creek assets are comprised of approximately 5,414 acres (8.5 square miles) of BLM geothermal leases located about 6 miles north of Gerlach.
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