This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:U.S. Geothermal receives permit for Neal Hot Springs 2009-11-03 11:54 ET - News Release Mr. Saf Dhillon reports U.S. GEOTHERMAL INC.: KEY CONSTRUCTION PERMIT APPROVED FOR U.S. GEOTHERMAL'S NEAL HOT SPRINGS PROJECT
U.S. Geothermal Inc. has received the conditional use permit from the Malheur County Planning Commission for construction of its proposed 22-net-megawatt power plant at Neal Hot Springs in eastern Oregon. The conditional use permit received unanimous approval at a Sept. 24, 2009, planning commission meeting and was issued on Oct. 28, 2009.
Daniel Kunz, U.S. Geothermal's president and chief executive officer, said: "Approval of the conditional use permit is a key project milestone. We appreciate the continued support from Malheur county and the State of Oregon as we advance toward construction of the Neal Hot Springs geothermal power plant." U.S. Geothermal anticipates receipt of a term sheet for a project loan from the U.S. Department of Energy for the Neal Hot Springs project which is currently undergoing due diligence review. Work also continues on a draft power purchase agreement that is projected to be completed soon. The $106-million project is expected to qualify for about $27-million under the ITC cash grant program and is currently planned to be on-line by the fourth quarter of 2011.
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