American clean-energy company, Nevada Geothermal Power (NGP) has received US backing for a $98.5m loan. It is now looking for buyers or joint-venture partners for its four geothermal developments.
The company is also changing its name to Alternative Earth Resources, and carrying out a 1-for-5 reverse stock split, following a plan approved by shareholders in 2012, reports Bloomberg.
Energy Department has guaranteed 80% of the loan that the firm had received in 2010 to refinance and expand the Blue Mountain Faulkner 1 plant, geothermal power plant in Nevada, US.
On 16 January 2013, the US-based company said it was transferring the development project to EIG Global Energy Partners to repay a loan of about $97.4m.
The other projects of the firm are in California, Nevada and Oregon, and three of them are expected to be ready for start of construction or development drilling in 2013.