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| Neal Hot Springs (Courtesy U.S. Geothermal Inc) |
U.S. Geothermal Inc., announced today that its subsidiary USG Oregon LLC
received a payment of $32,749,541 from the U.S. Department of Treasury. The cash grant is for Specified Energy Property in Lieu of Tax/Credits relating to the Neal Hot Springs geothermal power plant under Section 1603, Division B of the American Recovery and Reinvestment Act of 2009.
The proceeds of the cash grant will be used to fund $8.5 million in plant and well field cash reserves. Approximately $13.3 million of the grant is expected to pay down the outstanding project loan with the balance available for distribution to the equity partners.