BOISE, IDAHO, Aug 01, 2013 (Marketwired via COMTEX) — U.S. Geothermal Inc., (nyse mkt:HTM) CA:GTH -1.96% a leading renewable energy company focused on the development, production, and sale of electricity from geothermal energy, announced () that Final Completion of the 22 megawatt (net) Neal Hot Springs Project has been achieved.
>The Neal Hot Springs Project was the first geothermal project to obtain a loan guarantee under the DOE’s Title XVII loan guarantee program, which was created by the Energy Policy Act of 2005 to support the deployment of innovative clean energy technologies. The DOE loan guarantee, guarantees a loan from the U.S. Treasury’s Federal Financing Bank. The project was authorized for a loan guarantee of up to $96.8 million.
The Neal Hot Springs project deployed a first of its kind binary cycle process, utilizing a supercritical cycle that uses R134a refrigerant as the working fluid, as well as pre-fabricated modular construction of major plant components. […]
The project is selling electricity to Idaho’s largest utility, Idaho Power Company, under a previously signed 25-year power purchase agreement for up to 25 megawatts of power per year. Beginning in 2012, the base energy price is $96 per MW Hour and escalates annually. The calculated 25-year levelized price is $117.65 per MW hour.<
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