Tuesday, November 19, 2013

USA, Idaho:

U.S. Geothermal Completes Sale Of Oregon Business Energy Tax Credit (News Release)

U.S. Geothermal Inc. announced today that its wholly owned subsidiary, USG Oregon LLC, has completed the sale of its Oregon Business Energy Tax Credit (BETC).

The State of Oregon allows certain renewable energy project investments within the State of Oregon to qualify for the BETC. The Neal Hot Springs project, recently constructed near Vale, Oregon, applied for and received formal approval from the State of Oregon for the maximum $10 million tax credit.

Based on the statutes' guidelines, the company was able to monetize (sell) the tax credit for the sum of $7.4 million, and after paying certain transaction expenses, the project received approximately $7.0 million. In cooperation with the US Department of Energy, the project loan guarantor, 50% of the amount received will be used to fund additional project reserves, while the balance will be available for distribution to the project owners.

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