January 3, 2012
TRADING SYMBOLS:
In the U. S.: NYSE Amex: HTM and in Canada: TSX: GTH
The amended PPA expands the existing 3.6 megawatt agreement
to provide for the purchase of electric power by the Sierra
Pacific Power Company ("SPCC") for up to 19.9 MW from two
power generation units at San Emidio. The PPA has a term of
25 years with the starting price for power of $89.75 per
megawatt-hour subject to an annual escalation rate of 1%. The
new Phase I power plant, which is an 8.6 megawatt (net) water
cooled facility, achieved mechanical completion in December
and is currently undergoing commissioning.
"Approval of this PPA is a requirement of the project finance
arrangements we are currently negotiating for Phase I and II
of the San Emidio project", said Daniel Kunz, U.S. Geothermal
Inc. Chief Executive Officer. "We expect to be closing the
project loan agreements in the coming weeks, after the new
Phase I plant achieves commercial production", Kunz
added.
Development of the Phase II plant has started with the
initiation of production and injection well drilling at the
site. It is expected that Phase II will utilize two to three
existing injection wells and other infrastructure at the site
that will be shared with Phase I. To allow for full power
generation under the amended PPA, an additional 3.9 megawatts
of transmission capacity has been requested from the SPCC
Transmission group, which would expand output currently
available under the existing 16 megawatt Small Generator
Interconnection Agreement.
Recent drilling for Phase II has identified a potential
deeper, higher temperature production zone south of the
current Phase I production wells, which is expected to expand
the known reservoir boundary. Phase II is a planned 8.6
megawatt (net) air cooled power plant and is scheduled to be
on line during the 3rd quarter of 2013.
Please visit our Website at: http://www.usgeothermal.com
Website : www.usgeothermal.comNYSE AMEX: HTM TSX: GTH
About U.S. Geothermal Inc.:U.S. Geothermal Inc. is a leading renewable energy development company that is operating geothermal power projects at Raft River, Idaho and San Emidio, Nevada. The Neal Hot Springs project, which is currently under construction, will be the company's third operating power project. The company holds geothermal energy rights to 69,500 acres comprising six advanced stage geothermal development projects. The San Emidio project is currently in the process of commissioning a new 8.6 net MW binary cycle power plant.
FOR ADDITIONAL INFORMATION PLEASE CONTACT:
Saf Dhillon - Investor Relations
U.S. Geothermal Inc. Tel: 866-687-7059
Fax: 208-424-1030
saf@usgeothermal.com
The information provided in this news release may contain forward-looking statements within the definition of the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995. These statements are based on U.S. Geothermal Inc.'s current expectations and beliefs and are subject to a number of risks and uncertainties that can cause actual results to differ materially from those described, including but not limited to, the results from the exploration, production and injection well drilling and project finance negotiations underway at San Emidio. Readers are cautioned to review the risk factors identified by the company in its filings with Canadian and US securities agencies. Forward-looking statements are based on management's expectations, beliefs and opinions on the date the statements are made. U.S. Geothermal Inc. assumes no obligation to update forward-looking statements if management's expectations, beliefs, or opinions, or other factors, should change.
The NYSE Amex and the TSX do not accept responsibility for the adequacy of this release.
U.S. Geothermal Inc. 1505 Tyrell Lane, Boise, ID 83706 208-424-1027 www.usgeothermal.com
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