Nevada Geothermal Power Inc.

Published : September 04th, 2008

Completes US180 Million Project Financing for Blue Mountain Geothermal Power Plant

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Dear Investor, September 4, 2008

   Nevada Geothermal Power Completes US$180 Million Project Financing for Blue Mountain Geothermal Power Plant

VANCOUVER, B.C. (September 4, 2008) - Nevada Geothermal Power Inc. (NGP) (TSX-V: NGP, OTC-BB: NGLPF) announced today the close of US$180 million loan facility on for the construction of the Blue Mountain Phase 1 geothermal power plant with funds and accounts managed by TCW Asset Management Company (TCW).  The "Faulkner 1" geothermal plant will have a capacity of 49.5 MW (gross) and electricity generated will be sold to Nevada Power Company under a 20-year Power Purchase Agreement (PPA).

TCW funds will be drawn monthly by NGP Blue Mountain Holdco LLC ('NGP Holdco'), a wholly owned subsidiary of NGP, and contributed to NGP Blue Mountain I LLC ('NGP I'), a special purpose company holding the Phase 1 assets, as equity/intercompany loans. Future senior debt or equity can be used to optimize the financing package and reduce the TCW funding amount to a minimum of US$70 million. TCW will receive a 2% upfront fee, 14% interest only on funds drawn and a 7.5% residual value in the form of cash settled options in 'NGP Blue Holdco' at the end of the 15-year loan term. A fee of 0.5% will be paid to a director of NGP, acting as advisor.  Morgan Stanley & Company Inc. and Glitnir Banki HF acted as lead co-arrangers in connection with the loan facility and will receive fees for such services.

The TCW loan facility is sufficient to fully fund Phase 1 plant construction, remaining well field development, transmission line construction and all other remaining development costs including insurance, financing costs, repayment of the Glitnir bridge loan and approximately US$15 million in additional contingency for the power plant and well field. This facility has enabled NGP to give a Full Notice to Proceed to Ormat for the construction of the plant which is scheduled to start immediately. The TCW loan facility allows the sourcing of senior construction debt at anytime during the construction period, however the TCW investment has to remain at no less than $70MM at the start of the operating period of Faulkner 1.

"TCW is delighted to be the financial partner of NGP in the Blue Mountain Phase 1 project. This investment fits perfectly with the focus and expertise of TCW's Energy and Infrastructure Group. We are looking forward to a long term and mutually beneficial relationship with NGP and to successfully developing this important resource." said Brian O'Connor, Senior Vice President of TCW.

 Brian Fairbank, President and CEO of Nevada Geothermal Power Inc., stated "NGP is pleased to have completed this important financing with TCW in today's very difficult credit environment.   We are excited to start the construction of the Faulkner 1 Geothermal Power Plant in September moving the Company towards revenue at the end of 2009." 

About TCW Energy and Infrastructure Group:

The TCW Energy & Infrastructure Group is among the leading providers of institutional capital to the energy sector globally and, at 26 years has one of the longest continuous track records of any institutional manager in the energy sector.  The Group has US$7 billion currently under management supporting leading energy and energy-related infrastructure companies and projects in 26 countries.

 About Nevada Geothermal Power Inc.:  Nevada Geothermal Power Inc. is a renewable energy company developing geothermal projects in the United States to provide electrical energy that is clean, efficient and sustainable. NGP owns a 100% leasehold interest in four properties: Blue Mountain, Pumpernickel, Black Warrior, all located in Nevada and Crump Geyser in Oregon.  These properties are at different levels of exploration and development. NGP estimates a potential of approximately 150 MW to over 200 MW from the current leaseholds.

 ###

 

Nevada Geothermal Power

Brian D. Fairbank, P. Eng.

President & CEO

 

Investor Inquiries

Shelley Kirk

Nevada Geothermal Power Inc.

Telephone: 604-638-8784 

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.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

 


Copyright � 2007 Nevada Geothermal Power Inc.    Privacy Policy
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Nevada Geothermal Power Inc.

CODE : NGP.V
ISIN : CA02154D1015
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Nevada geothermal Power is a gold development stage company based in Canada.

Nevada geothermal Power holds various exploration projects in USA.

Its main exploration properties are BLUE MOUNTAIN GEOTHERMAL PROJECT, POGO AREA (GOBI / PORTAL)-BLUE DESERT and POGO AREA (MOJAVE) in USA.

Nevada geothermal Power is listed in Canada and in United States of America. Its market capitalisation is CA$ 979 280 as of today (US$ 946 278, € 730 338).

Its stock quote reached its highest recent level on August 08, 2008 at CA$ 1.60, and its lowest recent point on April 03, 2013 at CA$ 0.01.

Nevada geothermal Power has 24 482 000 shares outstanding.

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Annual reports of Nevada Geothermal Power Inc.
2008 Annual Report
Option Grants of Nevada Geothermal Power Inc.
3/12/2010Issues Stock Options
Nominations of Nevada Geothermal Power Inc.
6/1/2009Appoints Gavin Cooper, C.A. to NGP's Board of Directors
5/13/2009Announces the Promotion of Max Walenciak to Vice President o...
Financials of Nevada Geothermal Power Inc.
5/29/2009NGP Releases Third Quarter Financials to March 31, 2009
Project news of Nevada Geothermal Power Inc.
9/16/2011NGP REPORTS MINOR INCIDENT AT BLUE MOUNTAIN PROJECT
7/27/2011STRENGTHENS DEVELOPMENT TEAM AND UPDATES PROJECT STATUS
6/8/2011ACQUIRES ICELAND AMERICA ENERGY, INC. PROJECT ASSETS IN IMPE...
12/19/2008(Pumpernickel Geothermal)Announces Termination of Option Agreement with Sierra Geothe...
Corporate news of Nevada Geothermal Power Inc.
3/27/2013NGP Announces Effective Date for Name Change and Consolidati...
2/1/2013Announces Domenic Falcone Stepping Down as Director
11/6/2012Announces Gordon Bloomquist Stepping Down as Director
9/7/2011Completes Independent Resource Review of Blue Mountain Proje...
8/5/2011Releases New Investor Presentation
7/14/2011NGP Awarded Cash Grant
6/27/2011The Power Report - June 2011
5/19/2011Reports Record Output & Operations Revenue for the Quarter e...
7/1/2010July issue of Nevada Geothermal Power's newsletter: the Powe...
4/19/2010Photo Gallery of Senator Reid's Tour of NGP's Blue Mountain ...
9/30/2009Annual Financials Available!
9/18/2009Announces Blue Mountain?Faulkner 1? Geothermal Power Plant C...
9/2/2009New Photos and Video of the 'Faulkner 1' Geothermal Power P...
8/18/2009Completes Construction of Geothermal Power Plant at Blue Mou...
8/17/2009You are invited to visit NGP at the 2009 Money Show - San ...
7/31/2009Announces Richard Campbell Stepping Down as Director of NGP
7/15/2009Announces in Consultation with GeothermEx Inc., Two Addition...
6/24/2009June issue of Nevada Geothermal Power's newsletter: The Powe...
6/23/2009NEW PHOTOS: Blue Mountain Construction Update as of June 17,...
6/17/2009Blue Mountain,?Faulkner 1? Geothermal Power Plant Constructi...
6/1/2009Announces Early Completion Date October 2009 for Blue Mounta...
5/20/2009NEW Construction Photos and News Release: Construction Progr...
3/9/2009Announces Change in Auditor
2/27/2009March issue of NGP's newsletter, The Power Report, has arriv...
2/2/2009on Blue Mountain?Faulkner 1? Geothermal Power Plant Construc...
1/9/2009Shareholders Rights Plan Accepted
11/28/2008Announces Adoption of Shareholder Rights Plan
11/24/2008Signs Amended Power Purchase Areement with NV Energy to Sell...
11/17/2008NGP has some important upcoming dates!
10/1/2008Corporate Update, NGP Announces Wilson Utility Construction ...
9/24/2008Initiates Quarterly Newsletter - The Power Report
9/4/2008Issues Full Notice to Proceed to Ormat for the Blue Mountai...
9/4/2008Completes US180 Million Project Financing for Blue Mountain ...
8/27/2008Provides Update on Blue Mountain Geothermal Power Project
7/3/2008Status of US$145 Million Senior Secured Credit Facilities fo...
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