Boston, MA, 02/27/2014 (usastockreport) – U.S. Geothermal Inc. (NYSE:HTM) a leading renewable energy company saw its stock surge by highs of 12% after the company posted impressive results for its fourth quarter and full year. Growth and stability continues to pick up in the company, shown by an increase in EBITDA revenues and net income for the period ending December 31, 2013.
U.S. Geothermal latest projects
U.S. Geothermal Inc. (NYSE:HTM) wrapped up 2013 by beating estimates and guidance earlier given, as well as initiating a number of projects such as the drilling of El Ceibilio project in Guatemala. The renewable energy company has also commenced the drilling at the San Emidio II, a project that is expected to increase its electricity capacity.
The company’s operations continue to increase having increased its fleet wide total of 309,687 megawatts hours in 2013 compared to 127,875 megawatts hours reported in 2012, representing a growth of 142%. The year also saw U.S. Geothermal complete its Neal Hot Springs project while also receiving investment tax credit cash grant, amounting to $32.7 million for the project.
U.S. Geothermal Inc. (NYSE:HTM) successfully sold its Oregon business energy tax credit at the Neal hot springs projects, netting a total of $7 million in the process. Oregon USG Holdings has already made its first distribution profits from the Neal hot springs project after years of struggle according to U.S. Geothermal Inc.‘s Chief executive officer Dennis Gilles.
U.S. Geothermal also finalized its partnership interest at the Neal Hot Springs Project with Geothermal owning 60% and the remaining 40% going to Enbridge. San Emidio project received a major boost after U.S. Geothermal was awarded a $30.7 million long term loan from prudential capital.
Shares up by 12%
Positive news from the company’s operations as well as a growth of revenue to a high of $27.4 million, caused the company’s stock to surge by highs of 12% in Tuesday trading session. The high margins were slightly reduced on Wednesday trading session when U.S. Geothermal Inc. (NYSE:HTM) slumped by 3.10%, closing the day at a low of $0.810.