BOISE, Idaho (AP) — An Idaho-based geothermal energy developer says it’s closer to getting a U.S. Department of Treasury loan worth up to $102.2 million to build a 22-megawatt power plant in the eastern Oregon desert.
U.S. Geothermal Inc. of Boise said Thursday it still must fulfill U.S. Department of Energy milestones to qualify for the low-interest loan for its $120 million Neal Hot Springs project in Malheur County, about 90 miles northwest of Boise.
The company is also counting on a $34 million federal tax rebate once its Oregon project is completed in 2012. That money is part of the 2009 federal stimulus act.
U.S. Geothermal has a 25-year pact to sell electricity from Neal Hot Springs to Idaho Power Co.
Chief Executive Officer Daniel Kunz forecasts that will generate some $20 million in revenue annually.
