Oregon

Nevada Geothermal Power Inc. and a subsidiary of Ormat Technologies Inc. will form a 50-50 limited liability company to build, own, and operate one or more geothermal power plants at the Crump Geyser project area in Lake County, south-central Oregon.

Nov 1st, 2010

By OGJ editors
HOUSTON, Nov. 1
-- Nevada Geothermal Power Inc. and a subsidiary of Ormat Technologies Inc. will form a 50-50 limited liability company to build, own, and operate one or more geothermal power plants at the Crump Geyser project area in Lake County, south-central Oregon.

The entity plans to start construction and drill at least one development well for the first power plant with an expected generation capacity of up to 30 Mw in 2010 and to place the plant in service before the end of 2013.

Doing so will qualify for the Treasury Cash Grant under Sec. 1603 of the American Recovery and Reinvestment Act. The parties also intend to apply for a Department of Energy loan guarantee under Sec. 1705 of the ARRA.

NGP will contribute its title and interest in Crump Geyser project geothermal leases, technical and engineering data, existing permits and the benefit from the on-going DOE cost-share grant for exploration in relation to the Crump Geyser area. Ormat will fund 100% of the initial development activities in the amount of $15 million and pay NGP $2.5 million in installments over 3 years.

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