Raser (RZ) Gets Additional Extension on Thermo No. 1 Plant

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08:19:40 am on October 2, 2009

Raser just announced that they have signed a new extension agreement with their financing partners that once again extends the deadline for completion of their Thermo No. 1 plant. The new agreement extends the final completion date to October 16th from October 1st, and provides Raser with an opportunity to further restructure its financing agreements in according with the American Reinvestment and Recovery Act.

In a press release, Richard Clayton, Raser’s Principal Executive Officer, explained the benefits of revising the agreement:

“The broader amendment is expected to result in more beneficial terms for all parties involved. It would allow us to take full advantage of the 30% grant available under the American Recovery and Reinvestment Act of 2009, as certain changes made by the Recovery Act made it advisable for us and the Thermo No. 1 financing providers to restructure the Thermo No. 1 financing arrangements. In addition, it also reflects updated plant economics. We are confident that these modifications will provide us with the flexibility we need to complete the Thermo No. 1 plant and further maximize our ability to deliver clean, renewable energy in the future.”

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