U.S. Geothermal Inc. announced that it signed a Commitment Letter and Term Sheet with Geothermal Regional Center ("GRC") under which GRC will provide up to a $15 million loan facility for its San Emidio geothermal project.
The loan facility is expected to fund a portion of the development of the San Emidio North (Units 3 and 4) power project including the drilling of geothermal wells, related infrastructure and other development costs. GRC, the only USCIS approved Regional Center that is focused on the geothermal energy sector, plans to raise the capital through the EB-5 Immigrant Investor Pilot Program (the "EB-5 Program"). The EB-5 Program is designed for those foreign high net worth individuals who are interested in obtaining Permanent Residence status through investments in a commercial enterprise which are shown to have significant job creation benefits.
The loan facility is expected to fund a portion of the development of the San Emidio North (Units 3 and 4) power project including the drilling of geothermal wells, related infrastructure and other development costs. GRC, the only USCIS approved Regional Center that is focused on the geothermal energy sector, plans to raise the capital through the EB-5 Immigrant Investor Pilot Program (the "EB-5 Program"). The EB-5 Program is designed for those foreign high net worth individuals who are interested in obtaining Permanent Residence status through investments in a commercial enterprise which are shown to have significant job creation benefits.