Sierra Geothermal awarded US$10 million DOE funding
Alexander Richter
31 Eki 2009
Sierra Geothermal Power Corp. wholly owned US subsidiary, Sierra Geothermal Power Inc., has been awarded two grants totalling US$10 million by the US Department of Energy (“DOE”) for the Silver Peak and Alum projects within SGP’s Paymaster District.
According to a company release Sierra Geothermal Power Corp. “announced that its wholly owned US subsidiary, Sierra Geothermal Power Inc., has been awarded two grants totalling US$10 million by the US Department of Energy (“DOE”).
The grant program, specifically targeting new investments in geothermal power, was announced on May 27, 2009 as part of the American Reinvestment and Recovery Act and gives preference to activities that can rapidly assist in economic recovery.
The grants have been awarded under the DOE’s Geothermal Technologies Program Funding Opportunity Announcements (“FOAs”) and will contribute US$5 million toward drilling and exploration activities on each of SGP’s Silver Peak and Alum projects within SGP’s Paymaster District, on a 50:50 cost share basis. The grants will provide a portion of the funding required to move these projects to feasibility.
Gary R. Thompson, President and CEO, said, “We are extremely pleased that the DOE has recognised the suitability of our advanced stage Silver Peak and Alum projects as candidates for these FOA awards. As both projects are drill-ready we anticipate quickly utilising this grant funding to bring us closer to our goal of becoming an independent producer of geothermal power by 2012.”
Source: Company announcement
