Nevada Geothermal Power’s Faulkner 1 Geothermal Development will be First to Access a Loan
Guarantee Under the Department of Energy’s Financial Institution Partnership Program
(John Hancock Financial Services is Lead Lender and Lender-Applicant to DOE)
Vancouver, B.C. (June 15, 2010), Nevada Geothermal Power Inc. (NGP), (TSX.V: NGP, OTCBB:
NGLPF) is pleased to announce that it has received a conditional commitment from John Hancock Financial
Services as lead lender for a $US98.5 million loan and an offer for a conditional commitment from the U.S.
Department of Energy (DOE) as loan guarantor for up to 80 percent of the loan amount.
NGP, through its subsidiaries Nevada Geothermal Power Company and NGP Blue Mountain I LLC (“Blue
Mountain”), is developing the Blue Mountain project, a 49.5 megawatt geothermal power plant located in
Humboldt County in northwestern Nevada. The Blue Mountain project consists of a geothermal well field, fluid
collection and injection systems that enable energy to be extracted from rock and fluid below the earth’s surface,
and a power plant that converts geothermal energy into electricity. The project has a 20-year power purchase
agreement to sell electricity and renewable energy credits.
NGP, 100% owner of the Blue Mountain project, and John Hancock Financial Services, the lender-applicant
and lead lender, are the first geothermal proponents to access a Department of Energy (DOE) commercial loan
guarantee through the Financial Institution Partnership Program (“FIPP”), a program supported by the 2009
American Recovery and Reinvestment Act. John Hancock Financial Services is a leading institutional energy
lender with experience in fixed rate utility lending, project financing and private equity investments, including nine
prior geothermal projects.
Brian Fairbank, President and CEO of Nevada Geothermal Power said, “The John Hancock senior debt facility
and the DOE loan guarantee will provide low cost, long-term financing for our leading Faulkner 1 p