ID geothermal company completes DOE loan guarantee

BOISE, Idaho (AP) — An Idaho geothermal power developer announced the final closing of a $96.8 million loan guarantee from the U.S. Department of Energy to help it build a 23-megawatt power plant in eastern Oregon.

U.S. Geothermal says the loan will cover about three quarters of the Neal Hot Springs plant’s cost.

The Boise-based company has an equity deal with Canadian energy company Enbridge Inc. for the rest of the money needed for the project.

U.S. Sen. Ron Wyden of Oregon says the project will bring more renewable energy jobs to Oregon.

The company estimates it will employ 150 construction workers and then more than 12 permanent workers once the project is completed. Construction will take about 18 months.

U.S. Geothermal already has a deal to sell its power to Idaho Power Co.