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According to a release, the Cash Grant has a value of 30 percent of the total eligible capital costs for the project and will be paid directly by the US Department of the Treasury.
On October 9th, NGP's "Faulkner 1" geothermal power plant did achieve the remaining milestones necessary to file the grant application with the US Department of Treasury, including an audit of eligible costs by an independent third party accounting firm and certification of the power plant by an independent engineering consultant. NGP anticipates that Treasury will review the application made October 13th, and make payment within 60 days of this date.
NGP said it will use the funds to reduce the outstanding TCW loan balance and/or fund the drilling proposed by the earlier announced GeothermEx modeling.
((Comments on this story may be sent to newsdesk@closeupmedia.com))
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