U.S. Geothermal Inc. announced today its financial and operating results for the first three months ending March 31, 2016, reaffirmed guidance for 2016, and highlighted notable achievements for the First Quarter.
Development projects update includes the following:
- Received signed Large Generator Interconnection Agreement from the California Independent System Operator (CAISO) and Pacific Gas & Electric for the 30 MW WGP Geysers project in California. The company continues to seek a Power Purchase Agreement prior to starting plant construction.
- Engaged independent reservoir engineering firm from Iceland to review drilling data, provide recommendations for additional drilling, and provide resource estimate in preparation for Guatemalan request for proposal for geothermal PPAs expected in Q2 of this year.
- Finalized the acquisition of three unconstructed binary power plants, at a small fraction of their original cost, providing flexibility to install these plants at new projects with significantly lower project capital costs, and accelerate development timelines.
- Obtaining approval to drill additional water supply wells at Neal Hot Springs, Oregon in support of hybrid cooling project which could add approximately 3+ MW to the project annual average generation.
- Preparing for drilling second production leg on well RRG-2 at Raft River which could add up to 3 MW to the project generation. Drilling scheduled for Q2 of this year.