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U.S. Geothermal Inc. has acquired Ram Power Corp.'s Geysers project for a total of $6.4 million in cash.

The project is located within the broader Geysers geothermal field located in Sonoma County, Calif., approximately 75 miles north of San Francisco.

"Acquiring this project with five completed production/injection wells, having enough total initial steam production for roughly 30 megawatts gross, is a huge head start," says Dennis Gilles, CEO of U.S. Geothermal. "We are currently evaluating two development approaches for this project. The first involves obtaining a new [power purchase agreement] to replace the previously expired [power purchase agreements] and constructing a new power plant, while the second option involves selling steam to one of several companies currently operating power plants in the Geysers.

"Having over $90 million previously invested in the project will allow us to finish development at substantially reduced costs and with drilling risk significantly reduced, given that most of the wells needed have already been completed," he adds.

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