Thursday, November 12, 2015

USA, Idaho: U.S. Geothermal Gives Updates on Projects

U.S. Geothermal posts 3rd-quarter profit of $281,000 (News Release)

Dennis Gilles, U.S. Geothermal’s Chief Executive Officer and GRC Board Member commented on updates to various projects:

“During the quarter a number of steps were also completed to advance our growth prospects and increase our MW output. At our WGP Geysers project in California our testing program confirmed a sufficient steam resource to support a 30 MW power plant. We are currently seeking a Power Purchase Agreement (“PPA”) to enable start of plant construction.

Our El Ceibillo project in Guatemala received formal approval of our concession modification in July, which allowed us to restart our drilling and subsequently led to discovery of a commercially viable geothermal reservoir. We are now expanding the area with further drilling prior to seeking a PPA.

We have also signed an agreement to acquire three unconstructed binary power plants for a small fraction of their original cost. This provides us the flexibility to install these plants where required at existing or new projects, lowers our project capital cost, and accelerates the development timelines. We also are continuing to examine a number of synergistic acquisition opportunities.”

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