U.S. Geothermal signs renewable energy credit deal
3 August 2006 -- U.S. Geothermal Inc., a Boise, Idaho based renewable energy company developing power from geothermal resources, announced today the signing of a $4.6 million renewable energy credit (REC) purchase and sale agreement encompassing the first 10 years of Phase 1 of the Raft River project. Phase 1 is expected to produce a monthly average of 10 MW of electrical power to be delivered to Idaho Power Company under a 20-year power purchase agreement.
Holy Cross Energy, a Colorado cooperative electric association, has agreed to purchase the RECs associated with Phase 1 power production from 2008 to 2017. U.S. Geothermal retains the RECs associated with power production from Phase 1 after 2017. Phase 1 is currently under construction and is expected to begin commercial power production in the fourth quarter of 2007. A brokers commission is payable in connection with this transaction.
The State of Colorado passed a renewable energy standard that requires Holy Cross to realize certain escalating thresholds for its future retail electric energy sales through either the generation of electricity by means of renewable energy facilities or by the purchase of renewable energy credits associated with renewable energy facilities.
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