Nevada Geothermal Inc. Receives $98.5 Million Loan for Blue Mountain Project
Nevada Geothermal, Inc. (TSX.V:NGP, OTCBB:NGLPF) has announced it has secured a US$98.5 million loan from John Hancock Financial Services with the U.S. Department of Energy acting as loan guarantor for 80% of the amount.
By receiving this loan, Vancouver-based Nevada Geothermal (NGP) becomes the first renewable energy development company to complete a loan guarantee through the U.S Department of Energy's Financial Institution Partnership Program (FIBB). FIBB is considered one of the more significant initiatives included in the federal government's 2009 American Recovery and Reinvestment Act.
The funds will help Nevada Geothermal develop its Blue Mountain geothermal project which is home to the Faulkner 1 geothermal power plant. Currently the company is working on developing Faulkner 1 so it will be able to produce power at its full capacity of 49.5 megawatts. The entire Blue Mountain site is estimated to have the potential of producing 100 megawatts of geothermal energy.
Nevada Geothermal President and Chief Executive Officer, Brian Fairbank said, "Closing the loan is a huge step for NGP, as it represents a major milestone in the development of the Blue Mountain project and of the company as a whole."
Read the full story at Nevada Geothermal Power, Inc.: Announces US$98.5 Million Financing Closed with John Hancock
Learn more about Geothermal Power on eBoom's Geothermal Energy Learning Page.
Nathanael Baker is the Managing Editor of EnergyBoom. He has researched and reported on the issues of renewable energy, sustainability, and climate change for over two years. He has provided research to the New York Times and The Economist, as well as being published on different media outlets including, The Energy Collective.
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