Sierra Geothermal Power Corp to apply for US Department of Energy grants for geothermal projects
4th June 2009
Sierra Geothermal Power Corp, a Canadian geothermal company, is planning to apply for grant funding from the US Department of Energy.
In the American Reinvestment and Recovery Act, the Obama Administration allocated $350m to new investments in geothermal power.
SGP intends to submit several of its projects under the Geothermal Technologies Program FOA which has a funding ceiling of $5m per application. The grant will fund between 50 and 80 per cent of a programme’s cost.
Gary R Thompson, president and CEO, said, ‘We are extremely excited about this opportunity and applaud the Obama Administration on this programme that has stimulated interest in the geothermal space and should accelerate the pace at which clean, renewable geothermal megawatts are brought online. We believe we are well-positioned to meet the objectives set forth by the DOE. For example, with several of our projects ‘drill-ready’, we are prepared to quickly put grant funding to work, meeting one of the DOE’s criteria for selecting projects.’
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