San Emidio project gets a $30 million vendor kick start

In Idaho, U.S. Geothermal Inc. has entered into an agreement for the engineering procurement and construction of the first phase of a binary cycle power plant at its San Emidio project. TAS Energy Inc. of Houston, Texas through an engineering, procurement and construction company (EPC Contractor) that was not named will manufacture the plant. The agreement calls for the EPC Contractor to put up a $30 million loan for the construction the first 8.6 MW of production. Daniel Kunz, President and CEO of U.S. Geothermal Inc., noted getting construction started this year “will insure that our 35 net MW San Emidio development project qualifies for the special 30% Investment Tax Credit cash grant.” Phase 2 of the $200 million project is planned at 26.4 MW net and is expected to be completed in late 2013.