USG Oregon receives initial loan to construct US power project

USG Oregon has secured $2.3m from the Federal Financing Bank to construct the 23MW Neal Hot Springs power plant in Oregon, US.

The loan is part of the initial payment secured from the $96.8m loan guarantee from the US Department of Energy, which represents 75% of the $130m total project cost.

The bank will also pay future project construction costs of the project.

USG Oregon is owned US Geothermal and Enbridge USA, holding 80% and 20% interests respectively.