Raser project approved for $33 million Recovery Act funds

In Utah, Raser Technologies, Inc. said that the U.S. Treasury has approved its renewable energy grant application of $32.99 M for the company’s Thermo No. 1 geothermal power plant provided by the American Recovery and Reinvestment Act. Raser is to receive the funds within five business days of the announcement. The funds will go to retire debt and obligations relating to the project. Raser is also looking for new tax equity partners to capitalize on the remaining estimated $15 to $20 million of tax benefits at the Thermo No. 1 project, such as deductions for accelerated depreciation. As part of the project restructuring announced in December, 2009, Raser became the sole owner of the Thermo No. 1 project, which the company says opens the door to bringing in a new tax-equity partner in the future.