Nevada Geothermal Power Inc. Completes Transfer of Ownership in the Blue Mountain Geothermal Project to EIG Global Energy Partners
Partners (collectively “EIG”), the mezzanine lender for the Blue
Mountain Geothermal Project, closed the Equity and Collateral Transfer
EIG has accepted the transfer of ownership of NGP Blue Mountain Holdco
LLC (“BM Holdco”) in full satisfaction of all amounts owing under BM
Holdco’s loan agreement with EIG. NGP received
satisfaction of a current account receivable from BM Holdco.
Nevada Geothermal Operating Company LLC (Opco) will continue as project
operator of the Faulkner 1 geothermal power plant during a cooperative
transition period of up to twelve months. EIG may provide written
notice at any time during the transition period, electing to replace
the operator or purchase Opco for a nominal amount plus the value of
the then existing working capital.
Earth Resources Inc. (“Alterative Earth”), and complete a five for one
share consolidation (refer to news release dated
Alternative Earth retains its ownership interests in four geothermal
development properties in the western US (Crump Geyser, New Truckhaven,
Pumpernickel and North Valley).
About Nevada Geothermal Power Inc.:
Nevada Geothermal Power Inc. is an experienced renewable energy producer
focusing on the development of CLEAN electrical power from high
temperature geothermal resources in
owns a 100% leasehold interest in several properties in
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 differ materially from those expressed in or implied by
such statements. We undertake no obligation to update or advise in the
event of any change, addition, or alteration to the information catered
in this Press Release including such forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
Nevada Geothermal Power Inc.
Toll Free: 866-688-0808
Toll Free: 866-688-0808
Nevada Geothermal Operating Company LLC / Blue Mountain Faulkner I Plant
4500 Blue Mountain Road,
SOURCE Nevada Geothermal Power Inc.