U.S. Geothermal Completes Acquisition of Ram Power's Geysers Project
April 22 2014 - 8:00AM
Marketwired
U.S. Geothermal Completes Acquisition of Ram Power's Geysers
Project
BOISE, IDAHO--(Marketwired - Apr 22, 2014) - U.S. Geothermal
Inc. (NYSEMKT:HTM)(TSX:GTH) (the "Company"), a leading renewable
energy company focused on the development, production and sale of
electricity from geothermal energy, announced today that it has
successfully completed the previously announced acquisition of Ram
Power, Corp.'s ("Ram") Geysers project for a total of $6.4 million
in cash. The Ram subsidiaries included in the acquisition are
Western Geopower, Inc., Skyline Geothermal Holdings, Inc., and
Etoile Holdings, Inc., which in turn includes all membership
interests in Mayacamas Energy LLC and Skyline Geothermal LLC.
"Acquiring this project with 5 completed production/injection
wells, having enough total initial steam production for roughly 30
megawatts gross, is a huge head start. We are currently evaluating
two development approaches for this project: the first involves
obtaining a new PPA to replace the previously expired PPA's and
constructing a new power plant; while the second option involves
selling steam to one of several companies currently operating power
plants in the Geysers," said Dennis Gilles, Chief Executive Officer
of U.S. Geothermal Inc. "Having over $90 million previously
invested in the project will allow us to finish development at
substantially reduced costs, and with drilling risk significantly
reduced given that most of the wells needed have already been
completed. We are very excited to advance the Geysers project to
its completion."
Additional details regarding the acquisition can be found in the
initial April 7, 2014 press release:
http://www.usgeothermal.com/News.aspx
About U.S. Geothermal Inc.:
U.S. Geothermal Inc. is a leading renewable energy company
focused on the development, production and sale of electricity from
geothermal energy and is operating geothermal power projects at
Neal Hot Springs, Oregon, San Emidio, Nevada and Raft River, Idaho.
In addition to this newly acquired Geysers development project, the
company is currently developing a second phase project at San
Emidio Nevada, as well as developing the El Ceibillo geothermal
prospect located within a 24,710 acre (100sq km) energy rights
concession area in Guatemala, located 8.5 miles (14 km) from
Guatemala City, the largest city in Central America.
The information provided in this news release may contain
forward-looking statements within the definition of the Safe Harbor
provisions of the US Private Securities Litigation Reform Act of
1995. U.S. Geothermal's views with respect to the development
potential of the Geysers project constitute forward-looking
statements for the purposes of the safe harbor provisions under The
Private Securities Litigation Reform Act of 1995.These statements
are based on U.S. Geothermal Inc.'s current expectations and
beliefs and are subject to a number of risks and uncertainties that
can cause actual results to differ materially from those described,
including but not limited to the results from further development
at the Geysers project. Readers are cautioned to review the risk
factors identified by the company in its filings with Canadian and
US securities agencies. Forward-looking statements are based on
management's expectations, beliefs and opinions on the date the
statements are made. U.S. Geothermal Inc. assumes no obligation to
update forward-looking statements if management's expectations,
beliefs, or opinions, or other factors, should change.
The NYSEMKT and the TSX do not accept responsibility for the
adequacy of this release.
U.S. Geothermal Inc.Saf DhillonInvestor
Relations866-687-7059208-424-1030saf@usgeothermal.comwww.usgeothermal.com
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