21 October 2008
Raser Close to Finishing First Geothermal Plant
Utah, United States
As Raser Technologies, Inc. gears up to complete its first distributed geothermal project in Utah, the company announced yesterday that it has received the final US $21 million tax equity payment that will play a large part in financing its 10-megawatt (MW) Thermo geothermal power project.
"Before now, the average time to develop a geothermal power project has been approximately five to seven years."
The funding arrangement previously provided approximately $30 million of non-recourse debt financing and tax equity capital to construct the Thermo geothermal power plant. Under this arrangement, the tax equity capital is provided by Raser’s tax equity partner in exchange for most of the tax benefits provided by the renewable energy project.
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