U.S. Geothermal Guatemala Receives Grant of USD3.4 Million Financing for El Ceibillo Geothermal Power Plant in Guatemala

Published: Sep 28 2017
Deal Summary

U.S. Geothermal Guatemala S.A., a wholly owned subsidiary of U.S. Geothermal, Inc., has received grant of USD3.42 million for the construction and development of El Ceibillo geothermal power plant situated in the town of Amatitlan, Guatemala. The finance is expected to be provided by German Development Fund. The total installed capacity of the power plant is 50MW.

The grant represents an approximate 40% cost share for drilling up to three production wells, with a total estimated program cost of USD8.81 million. If the GDF funding is used on the project and the power plant is constructed, the grant would be converted into a loan. The German Development Bank may consider financing the entire project when it moves to production. The next phase of work for the project is being considered by the management team as 2018 budgets are being developed.

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