26 Sep '12, 3pm

Nevada Geothermal May Transfer Declining Power Plant to Lender

Output at the company’s Blue Mountain geothermal field is projected to fall below 34 megawatts this year and will decline to about 15 megawatts by 2020, Vancouver-based Nevada Geothermal said today in a statement. The declining capacity will reduce revenue from the plant and make it difficult, if not impossible, for the company to repay a mezzanine loan from EIG Global Energy Partners LLC, according to Andrew Studley, Nevada Geothermal’s chief financial officer. “There are risks to the project,” he today by telephone. “We’ve said publicly that the EIG loan, the mezzanine loan, can’t be paid.” The company is seeking to “resolve potential loan issues,” according to the statement. “These discussions are geared to facilitate transferring the Blue Mountain assets to the mezzanine lender.” Geothermal power plants produce electricity by tapping underground pockets of steam or the...

Full article: http://www.renewableenergyworld.com/rea/news/article/2012...

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