As previously announced on April 13, 2013, U.S. Geothermal's subsidiary, USG Oregon LLC, received a cash grant payment of $32,749,541 from the U.S. Department of Treasury for Specified Energy Property under Section 1603, Division B of the American Recovery and Reinvestment Act of 2009.
The cash grant funds have been held in a controlled account established by the U.S. Department of Energy as guarantor of the low interest rate loan provided by the U.S. Treasury's Federal Financing Bank under the DOE's Title XVII loan guarantee program, which was created by the Energy Policy Act of 2005.
After the loan prepayment, the remaining final loan balance is $70.4 Million. This loan has 21.5 years remaining with an aggregate fixed interest rate of 2.598%.
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