Raser (RZ) Gets Yet Another Extension Agreement

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11:17:18 am on November 3, 2009

Raser just announced that they have come to yet another extension agreement with the financing partners for their Thermo No. 1 Plant. The extension gives Raser until November 30th to redo its financing agreements so that they conform to changes in tax law caused by the stimulus. Once the agreements have been restructured, Raser will apply for a Section 1603 renewable energy tax credit grant. Raser will use the proceeds to pay off some of the debt and to redeem the tax equity partner’s interest in the plant.

In a press release, Richard Clayton, Principal Executive Officer, commented on the deal:

“We are pleased that our financing partners continue to work with us and show confidence in the Thermo No. 1 project. We are confident that the final amendments will be beneficial to all involved and allow us to move forward with both completion of the Thermo No. 1 project and our other geothermal projects.”

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this is a complete joke. RZ isnt going to be around in a year.

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