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updated 9:59 PM PST, Feb 5, 2016

DOE finalizes $96.8 million geothermal loan guarantee

The U.S. Department of Energy finalized a $96.8 million loan guarantee for a geothermal power project in Malheur County.

The U.S. Department of Energy finalized a $96.8 million loan guarantee to U.S. Geothermal Inc. for a geothermal power project in Malheur County.

The guarantee fell slightly short of the $102.2 million that was pre-certified for the project by the department in June but will allow the construction of a 23-megawatt power plant known as Neal Hot Springs to move forward.

The guarantee, funded by the American Recovery and Reinvestment Act, will secure a loan in the same amount from the U.S. Treasury's Federal Financing Bank and will cover about 75 percent of the project's construction costs, according to the Boise-based company. Construction is expected to create about 150 jobs, with about a dozen permanent jobs created to run the plant.

Read more at Sustainable Business Oregon.

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Last modified onMonday, 19 October 2015 11:39

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