US Geothermal (HTM) Surges 25% On DOE Loan Program Review At Neal Springs Plant

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11:29:03 am on May 26, 2009

US Geothermal (HTM) is surging 25% today and getting back above a buck on news the company’s Neal Springs geothermal plant has been approved for a US Department of Energy due diligence review for an $85 million loan as part of the Energy Policy Act of 2005.  The DOE loan is expected to provide about 80% of the total estimated cost of the binary cycle geothermal plant which the company is expected to begin construction on in about a year and deliver 22MW of power about a year after that.

“Another critical milestone in the development of our project at Neal Hot Springs has been achieved and provides us with access to a source of low cost capital,” said Daniel Kunz, CEO and President of U.S. Geothermal. “As we enter into due diligence with the DOE on this important $85 million loan we can now work to complete the balance of the project requirements necessary to construct an advanced and highly efficient geothermal power plant.”

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dont overlook Nevada Geothermal who is up 12% today on the Blue Mountain plant being 3 months ahead of schedule which will allow refi of existing loan by Morgan Stanley to lower rate loan which will speed expansion into Pumpernickel project and Blue Mountain II expansion

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