VANCOUVER, British Columbia--(BUSINESS WIRE)--Nevada Geothermal Power Inc. (NGP) (TSX.V: NGP, OTCBB: NGLPF) announced
today that interim power production from the Faulkner 1 geothermal plant
has been increased from 13 MW (net) to 26 MW (net) with permanent cables
installed to Turbine Generator Units One and Three. Cable repairs are
expected to be fully completed to Unit Two and other electrical
equipment on or before March 10, 2010 allowing the plant to be fully
operational.
Newly drilled and tested, deep injection wells, 55-15 and 58-11, will
allow production levels to be increased to between 36-40 MW (net)
shortly after the Faulkner 1 plant is returned to full service.
New production Well 91-15, drilled to 8359 feet, is currently undergoing
flow tests. Production pipeline and electrical service connections will
take approximately 2 ½ months to complete. Thus plant output is expected
to be significantly greater than 40 MW (net) by June 30, 2010.
Additional development drilling is continuing to test a target area
southwest of the current production field.
John Hancock and the US Department of Energy (DOE) are continuing with
their due diligence process to support a 20-year term senior debt
financing and a related DOE Loan Guarantee. The results from the three
new completed wells (55-15, 58-15 and 91-15) are to be incorporated into
a resource update report by GeothermEx, Inc. which is a necessary
component of the due diligence review. Thus, the expected date to
complete the permanent financing is now the end of March, 2010.
Funding for all of the work described above is in hand and the program
is within budget.
About
Nevada Geothermal Power Inc.:
Nevada Geothermal Power Inc. is an emerging renewable energy producer
and developer focused on producing clean, efficient and sustainable
geothermal electric power from high temperature geothermal resources, in
the United States. NGP currently owns a 100% leasehold interest in four
properties: Blue
Mountain, Pumpernickel,
Black
Warrior, all of which are ideally situated in Nevada, and Crump
Geyser, Oregon. These properties are at different levels of
exploration and development. NGP estimates a potential of over 200 MW
from the current leaseholds.
This Press Release contains certain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995. We
have tried, whenever possible, to identify these forward-looking
statements using words such as "anticipates," "believes," “estimates,"
"expects," "plans," "intends," "potential" and similar expressions.
These statements reflect our current belief and are based upon currently
available information. Accordingly, such forward-looking statements
involve known and unknown risks, uncertainties and other factors which
could cause the Company's actual results, performance or achievements to
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change, addition, or alteration to the information catered in this Press
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