Nevada Geothermal Power Inc.
TSX VENTURE : NGP
OTC Bulletin Board : NGLPF

Nevada Geothermal Power Inc.

July 03, 2008 14:09 ET

Nevada Geothermal Power Updates Status of US$145 Million Senior Secured Credit Facilities for the Construction of 49.5 MW Blue Mountain Geothermal Power Plant

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 3, 2008) - Nevada Geothermal Power Inc. (NGP) (TSX VENTURE:NGP)(OTCBB:NGLPF) today updated the status of the US$145 Million Senior Secured Credit Facilities for the construction of the 49.5 MW Blue Mountain Faulkner I project in Nevada. The loan facility has been increased to US$145 million from US$140 million to provide contingency funds for the construction of NGP's geothermal power project in Nevada.

The banking syndicate led by Morgan Stanley and Glitnir Capital Corp. continue with their due diligence and documentation for the loan, which is expected to close over the next several weeks. NGP continues to work with Ormat Technologies to maintain project timelines and terms.

Blue Mountain, located 30 kilometers (20 miles) west of the town of Winnemucca, Nevada. Phase 1 at Blue Mountain is expected to commence power generation in late 2009.

About Nevada Geothermal Power Inc.: 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 located in Nevada and Crump Geyser in Oregon. These properties are at different levels of exploration and development. NGP estimates a potential of approximately 150 MW to over 200 MW from the current leaseholds.

Nevada Geothermal Power Inc.

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

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.

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

Contact Information

  • Nevada Geothermal Power Inc.
    Shelley Kirk
    Investor Inquiries
    (604) 688-1553 X118 or Toll Free: 1-866-688-0808 X118
    Website: www.nevadageothermal.com
    or
    Pro-Edge Consultants Inc. - Investor Inquiries
    Tracy Weslosky
    Managing Partner
    (416) 581-0177 or Toll Free: 1-866-544-9622
    or
    Pro-Edge Consultants Inc. - Investor Inquiries
    Fred Cowans
    Managing Partner
    (416) 581-0177 or Toll Free: 1-866-544-9622
    Email: info@pro-edge.com
    Website: www.pro-edge.com