U.S. Geothermal Inc., announced today that Final Completion of the 22 MW (net) Neal Hot Springs Project has been achieved. Yesterday, the project also received the final advance under the DOE loan guarantee.
The Neal Hot Springs Project, located in eastern Oregon; approximately 90 miles northwest of Boise, was the first geothermal project to obtain a loan guarantee under the DOE's Title XVII loan guarantee program, which was created by the Energy Policy Act of 2005 to support the deployment of innovative clean energy technologies. The DOE loan guarantee, guarantees a loan from the U.S. Treasury's Federal Financing Bank. The project was authorized for a loan guarantee of up to $96.8 million.
The Neal Hot Springs project deployed a first of its kind binary cycle process, utilizing a supercritical cycle that uses R134a refrigerant as the working fluid, as well as pre-fabricated modular construction of major plant components.
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