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PowerGen/Geothermal energy project has PPA approved
26 May 2010-- The Idaho Public Utilities Commission has approved a 25-year power purchase agreement for the 22 MW Neal Hot Springs project. U.S. Geothermal's unit, USG Oregon LLC, signed the PPA with Idaho Power Co. in 2009. The PPA is for the purchase of up to 25 MW of electricity from the project.
The project is negotiating with the U.S. Department of Energy for a $102.2 million loan for 75 percent of the maximum total project costs. The project will also qualify for an approximate $34 million cash grant from the U.S. Department of Treasury upon operation of the plant.
Geothermal project breaks ground, and unlike nuclear, is backed by private industry.
Geothermal energy project breaks ground
18 May 2010-- EnergySource, a California-based company, has begun construction on a $400 million, 49 MW geothermal energy project called the Hudson Ranch I project.
The project is expected to be completed in early 2012. Eight banks helped to finance the project, including ING Capital, West LB and GeoGlobal Energy LLC, a geothermal investment fund backed by New Zealand-based utility Mighty River Power