Boise, Idaho, April 11, 2012 — U.S. Geothermal signed a commitment letter and term sheet with Geothermal Regional Center under which GRC will provide up to a $15 million loan facility for its San Emidio geothermal project.
The loan facility is expected to fund a portion of the development of the San Emidio North (Units 3 and 4) power project including the drilling of geothermal wells, related infrastructure and other development costs.
GRC, the only USCIS approved regional center that is focused on the geothermal energy sector, plans to raise the capital through the EB-5 Immigrant Investor Pilot Program.
The San Emidio geothermal resource, located in Washoe County, Nevada, is divided into two separate sub-resources: San Emidio South under current development and San Emidio North under planned development.
The San Emidio North project is planned to add 17.2 MW through construction of Units 3 and 4 subject to development of additional production wells, transmission access and a power sales agreement.