BOISE, IDAHO--(Marketwired - April 22, 2014) - U.S. Geothermal Inc. (NYSE MKT: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:
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 NYSE MKT and the TSX do not accept responsibility for the adequacy of this release.