US Geothermal (HTM) Up 25% On DOE $100 Million Loan For Neal Springs Project

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11:58:52 am on June 10, 2010

U.S. Geothermal (HTM) is making its way back to the buck level this morning on news it has been offered a conditional commitment for a $102.2 million loan guarantee from the Dept of Energy to help construct the 22MW geothermal plant at Neal Hot Springs in Eastern Oregon.  The company already has a 25 year power purchase agreement in place for Neal Springs with Idaho Power which is Idaho’s largest utility.

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US Geothermal CEO Daniel Kunz commented: “This loan commitment provides our company with access to low cost capital and is a major milestone accomplishment. Neal Hot Springs is one of several important development opportunities for U.S. Geothermal that we believe will emerge over the next year or two, and we are grateful for this critical vote of confidence from the Department of Energy.  We look forward to continued growth as a producer of clean, green electricity to our home region and beyond for years to come.”

Shares of HTM are currently up 23% on the news after briefly hitting an all time low this morning.  Shares are certainly compelling for the long term investor down at these levels, but I’d want to see it begin a new up trend and would be more confident of that once it gets above the 50 day moving average around .92/share.

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