USA, Oregon:

Nevada Geothermal Power and Ormat Agree to Extend Ormat Development Spending Commitments and Accelerated Cash Payments to NGP (4-Traders - News Release)

Nevada Geothermal Power Inc. has announced an Amendment to the Agreement between the Company and Ormat Nevada, Inc. regarding the Crump Geyser Project located in Lake County, Oregon.

Under the Amended Agreement, development expenditure commitments by Ormat of US$15M, of which approximately $7M has been expended, are extended to June 30, 2014. Ormat cash payments to NGP previously totaling $2.5M are increased to $3.0M ($300,000 previously paid) with committed payments of $500,000 due on execution of the Amendment (paid) and on October 29, 2012. The balance of $1.7M is due on or before June 30, 2014.

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