Jan. 29 (Bloomberg) — Nevada Geothermal Power Inc., the
clean-energy company that received U.S. backing for a $98.5
million loan, will seek buyers or joint-venture partners for its
four remaining geothermal developments.
Nevada Geothermal is also changing its name and carrying
out a 1-for-5 reverse stock split, following a plan shareholders
approved last year, the Vancouver-based company said in a
statement today. Nevada Geothermal will change its name to
Alternative Earth Resources Inc.
The U.S. Energy Department guaranteed 80 percent of the
loan the company received in 2010 to refinance and expand the
Blue Mountain Faulkner 1 plant in Nevada, which generates
electricity from heat stored in the earth. Nevada Geothermal
said Jan. 16 it was transferring the project to EIG Global
Energy Partners LLC to repay a loan of about $97.4 million.
The company’s other projects are in Nevada, California and
Oregon and three of them “can be ready for development drilling
or start of construction in 2013,” Nevada Geothermal said. Tax
credits approved by U.S. legislators this month should provide
“significant” incentives for prospective partners, the company
said.
Nevada Geothermal, which hasn’t reported a profit in at
least the past 10 years, was unchanged at one Canadian cent at
12:05 p.m. in Toronto.
To contact the reporter on this story:
Justin Doom in New York at
jdoom1@bloomberg.net
To contact the editor responsible for this story:
Reed Landberg at
landberg@bloomberg.net
