Our members in the news: Calpine, U.S. Geothermal

Geothermal Energy Association members make headlines in the U.S. and internationally.

Calpine Corp.: Wildfire Burns Part of Geysers Field
U.S. Geothermal: Oregon State Tax Credit Sale Complete

Calpine Corp.: Wildfire Burns Part of Geysers Field
A wildfire threatened Calpine’s The Geysers last week, causing the company to evacuate non-essential employees and shut down some of the plants for safety reasons. SFGate reported that one cooling tower had been destroyed. The Geothermal Energy Association staff sends its regards.

U.S. Geothermal: Oregon State Tax Credit Sale Complete
Press Release (BOISE, IDAHO) November 19–U.S. Geothermal Inc. (nyse mkt:HTM), a leading renewable energy company focused on the development, production and sale of electricity from geothermal energy, announced today that its wholly owned subsidiary, USG Oregon LLC, has completed the sale of its Oregon Business Energy Tax Credit (BETC).

The State of Oregon allows certain renewable energy project investments within the State of Oregon to qualify for the BETC. Our Neal Hot Springs project, recently constructed near Vale, Oregon, applied for and received formal approval from the State of Oregon for the maximum $10 million tax credit. Based on the statutes’ guidelines, the company was able to monetize (sell) the tax credit for the sum of $7.4 million, and after paying certain transaction expenses, the project received approximately $7.0 million. In cooperation with the US Department of Energy, the project loan guarantor, 50% of the amount received will be used to fund additional project reserves, while the balance will be available for distribution to the project owners.

“The sale of our Oregon Tax Credit completes one of our last, outstanding open items for the Company. Our portion of the BETC funds will provide capital to help fund our future growth activities,” said Dennis Gilles, Chief Executive Officer of U.S. Geothermal.

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