Nevada Geothermal Power Inc.
OTC Bulletin Board : NGLPF

Nevada Geothermal Power Inc.

March 01, 2007 15:49 ET

Nevada Geothermal Power Completes Private Placement, Total Funds C$15,000,050

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 1, 2007) - Nevada Geothermal Power Inc. (NGP) (TSX VENTURE:NGP)(OTCBB:NGLPF) announced that it has closed the second tranche of its previously announced private placement (February 12, 2007), including an over-allotment, for a total of 23,077,000 ("Units") at C$0.65 per Unit for gross proceeds of C$15,000,050. NGP issued 19,277,000 Units in the second tranche of the private placement.

Each Unit consists of one common share and one share purchase warrant (a "Warrant"). Each warrant entitles the holder to purchase one additional common share for a period of 24 months after closing at a price of C$1.10 per common share, subject to an acceleration provision such that if, at any time six months or more after the closing, the price per NGP share on the TSX Venture Exchange is C$1.65 or higher for ten (10) consecutive business days, then NGP shall give the investors notice that the Warrants must be exercised or they will expire within 30 days.

Dundee Securities Corporation ("Dundee") acted as lead underwriter on behalf of a syndicate of underwriters including Jacob & Company Securities Inc. (collectively, the "Underwriters"). The Underwriters received a 7% cash commission together with an option (the "Compensation Option") to acquire that number of Units that is equal to 8% of the number of Units issued. The Compensation Option entitles the Underwriters to purchase Units, exercisable at the offering price of the Units for a period of 24 months following closing of the Offering. The securities are subject to a four month hold period.

The net proceeds of the offering will be used to fund further development at the Blue Mountain Geothermal site, development of other existing projects and for working capital.

Nevada Geothermal Power Inc. is a renewable energy company developing geothermal projects in the United States to provide electrical energy that is clean, efficient and sustainable. NGP is committed to the geothermal industry and currently owns a 100% leasehold interest in four properties: Blue Mountain, Pumpernickel, Black Warrior, all of which are ideally situated in Nevada and Crump Geyser in Oregon. An initial 30 MW power plant is planned to begin generating power at the Blue Mountain site subject to further resource drilling and feasibility studies.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from registration is available.

This Press Release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We have tried, whenever possible, to identify these forward-looking statements using words such as "anticipates", "believes", "estimates", "expects", "plans", "intends", "potential" and similar expressions. These statements reflect our current belief and are based upon currently available information. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance or achievements to differ materially from those expressed in or implied by such statements. We undertake no obligation to update or advise in the event of any change, addition, or alteration to the information catered in this Press Release including such forward-looking statements.

Nevada Geothermal Power Inc.

Brian D. Fairbank, P. Eng., President & CEO

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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