DOE Finalizes $96.8 Million Loan Guarantee for Geothermal Project
March 2, 2011
DOE announced on February 24 that it has finalized a $96.8 million Recovery Act supported loan guarantee to a 23-megawatt geothermal power project in southeastern Oregon. The sponsor, U.S. Geothermal Inc. said that the Neal Hot Springs project would create approximately 150 construction jobs and more than a dozen permanent jobs. The project uses an improved technology to extract energy more efficiently from rock and fluids in the Earth's crust. The technology, a supercritical binary geothermal cycle, is expected to be more efficient than traditional geothermal binary systems, allowing lower-temperature geothermal resources to be used for power generation. The Neal Hot Springs' total output will be sold to Idaho Power Company under a 25-year power purchase agreement.
DOE's Loan Programs Office has issued loan guarantees or offered conditional commitments for loan guarantees totaling nearly $18 billion to support 19 clean energy projects. See the DOE press release and the Loan Programs Office website.