U.S. Geothermal Inc. has reached final commercial settlement with its engineering, procurement and construction contractor and the San Emidio geothermal project achieved substantial completion under the terms of a fixed price engineering, procurement and construction contract.
The EPC contractor will complete a small number of final work items during a planned maintenance outage beginning April 9, 2012. Work continues on finalizing a long-term project loan that is now anticipated to close in the second quarter of 2013.
For January and February 2013, the geothermal power plant produced 6,111 and 6,373 MWh, respectively. Electrical energy from the new power plant is being sold under the terms of a 25-year power purchase agreement with Sierra Pacific Power Co. The new San Emidio plant is projected to generate up to 75,000 MWh of electrical power each year.
U.S. Geothermal Inc. is a renewable energy development company focused on the development of geothermal energy.