Douglas Glaspey, Founder, President, Chief Operating Officer and Director at U.S. Geothermal Inc.
"At El Ceibillo, we have submitted an expression of interest (EOI) for a drilling grant from the German Development Fund or GDF on March 10. This grant would provide a 40% cost share for the drilling of up to three production size wells at El Ceibillo. We are awaiting the result of the EOI round, and if accepted will submit a full application for the funds."
"If GDF funding is used on the project, and a power plant is constructed, the grant becomes a low interest loan to the project. A well, or core hole may be drilled in 2017 to test the producing structure at the 2000 to 2600 foot range, at 600 to 800 meters, so that we can gain additional information on the resource before the expected request for proposal is issued by the Guatemalan National Electrical Energy Commission, or CNEE. The three CNEE commissioners responsible for the RFP are scheduled to be replaced during the month of May. So our hope is once that transition is done, we will see movement on the RFP."
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