MIAMI, FL -- (Marketwire) -- 04/11/12 -- Geothermal Regional Center (GRC) today announced that it has signed a Commitment Letter and Term Sheet with U.S. Geothermal, Inc. (USG) under which GRC will provide up to a $15 million loan facility for USG's San Emidio North Project. GRC, the only USCIS approved Regional Center that is focused on the highly acclaimed geothermal energy sector, will raise the capital for USG through the EB-5 Immigrant Investor Pilot Program (the "EB-5 Program").
"We are pleased to have GRC's support and to be able to access this innovative source of capital as we continue building out the San Emidio resource," said Daniel Kunz, U.S. Geothermal Inc. Chief Executive Officer.
The proceeds of the loan are expected to fund a portion of the development of the San Emidio North power project including the drilling of geothermal wells, related infrastructure and other development costs. The EB-5 Program is designed for those foreign high net worth individuals who are interested in obtaining Permanent Residence status through investments in a commercial enterprise which are shown to have significant job creation benefits. With Permanent Residence status (also known as a Green Card), investors and their families can live, work, study and retire anywhere in the U.S.
"We are excited to support U.S. Geothermal, Inc. on this promising project and take a new step in growing our EB-5 Investor Program. We see great opportunities in the San Emidio Project and it is a win-win-win business for the geothermal energy industry in the U.S., our investors and the State of Nevada," said Mr. Gonzalo Lopez Jordan, Managing Partner of Geothermal Regional Center.
The San Emidio geothermal resource, located in Washoe County, Nevada, is divided into two separate sub-resources: San Emidio South under current development and San Emidio North under planned development. San Emidio South has been producing power since 1987, and a soon to be completed upgrade will triple the output of the project. The San Emidio North project is planned to add a 17.2 megawatt geothermal power plant (1 megawatt can power 1,000 homes).
"Providing the commitment to finance a portion of the San Emidio North Project is an important step for GRC," said Santiago Steed, also a Managing Partner of GRC, "the construction and development of San Emidio North is expected to create hundreds of jobs in a part of Nevada hard hit by the recession, and we are proud to be aiding this job creation."
According to Nevada's Renewable Portfolio Standard (RPS) mandates electric service providers to use renewable energy sources to supply 25% of the total electricity sold by 2025.
About Geothermal Regional Center:
Geothermal Regional Center LLC offers investment opportunities pursuant to the USCIS EB-5 Investor Visa Program for obtaining a Permanent Green Card status. GRC specializes in structuring, promoting and administering immigrant investments to raise EB-5 capital to fund the drilling and construction of geothermal power plants. GRC is the only USCIS approved Regional Center focusing on the highly acclaimed geothermal energy sector. GRC's current activities have focused on U.S. Geothermal Inc., a renewable energy company that is operating geothermal power projects at San Emidio, Nevada and Raft River, Idaho and is developing a number of new geothermal power projects. GRC has teamed with Glacier Securities LLC, a New York based strategic and financial advisory firm specializing in the geothermal energy and seafood industries.
About U.S. Geothermal Inc.:
U.S. Geothermal Inc. is a leading renewable energy development company that is operating geothermal power projects at Raft River, Idaho and San Emidio, Nevada. The Neal Hot Springs project, located in eastern Oregon, is currently under construction and will be the company's third operating power project. The company holds geothermal energy rights to 69,500 acres comprising six advanced stage geothermal development projects.
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