Nevada Geothermal awarded $7.9MM for additional work completed at Blue Mountain

Source: Nevada geothermal Power Inc.

The US Department of the Treasury has informed Nevada Geothermal Power Inc. (NGP) that the company’s application in the amount of approximately $7.9 million for Specified Energy Property in Lieu of Tax/Credits relating to the additional drilling completed at the Blue Mountain Faulkner 1 geothermal power plant subsequent to being placed in service has been approved under Section 1603, Division B of the American Recovery and Reinvestment Act of 2009. Payment of the full amount is expected imminently.

Faulkner 1 was placed in service on October 9, 2009 and NGP has since completed new well field work that was not included in the original application. The company intends to use the funds to repay a portion of the debt owing to lenders.

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