The Thermo Financing Agreements provide project financing and tax equity capital for the project and the Company is amending its Thermo Financing Agreements in order to be consistent with recent tax law changes under the American Recovery and Reinvestment Act of 2009. The Company is also amending other provisions and deadlines in the Thermo Financing Agreements related to bringing the project to full capacity. We expect to reach full capacity of 10 MW by the end 2009.
“The broader amendment is expected to result in more beneficial terms for all parties involved,” said Richard Clayton, Principal Executive Officer. “It would allow us to take full advantage of the 30% grant available under the American Recovery and Reinvestment Act of 2009, as certain changes made by the Recovery Act made it advisable for us and the Thermo No. 1 financing providers to restructure the Thermo No. 1 financing arrangements. In addition, it also reflects updated plant economics. We are confident that these modifications will provide us with the flexibility we need to complete the Thermo No. 1 plant and further maximize our ability to deliver clean, renewable energy in the future.”
