Thu Jul 14, 2011
Awarded US$7.9 Million Federal Grant for Additional Work Completed at Blue Mountain
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VANCOUVER, B.C. (July 14, 2011) -- Nevada Geothermal Power Inc. (NGP) (TSX-V: NGP, OTC-BB: NGLPF) is pleased to announce that the United States Department of the Treasury has informed NGP that the Company's application in the amount of approximately US$7.9 million for Specified Energy Property in Lieu of Tax/Credits relating to additional drilling completed at 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.
About Nevada Geothermal Power Inc.:
Nevada Geothermal Power Inc. operates the Faulkner 1 geothermal plant in Nevada. It is a growing, renewable energy developer focused on producing clean, efficient and sustainable geothermal electric power from high temperature geothermal resources in the United States. NGP currently owns leasehold interests in eight properties: Blue Mountain, Pumpernickel Valley, Edna Mountain and North Valley in Nevada, New Truckhaven, East Brawley and South Brawley, in California and Crump Geyser, in Oregon. These properties are at different levels of exploration and development. NGP estimates a potential of between 150 MW and 300 MW from its current leaseholds.
