Nevada Geothermal Power Inc. to Purchase Iceland America Assets in Imperial Valley, California

Press Release Source: Nevada Geothermal Power Inc. On Wednesday February 23, 2011, 11:52 am EST

VANCOUVER, British Columbia--(BUSINESS WIRE)-- Nevada Geothermal Power Inc. (NGP) (TSX.V: NGP, OTCBB: NGLPF) and Iceland America Energy, Inc. (IAE) are pleased to announce that they have signed an agreement giving NGP the exclusive right to purchase a 100 percent ownership of IAE’s geothermal assets comprised of the New Truckhaven, East Brawley and South Brawley Projects in the Imperial Valley, Southern California, for US$4,150,000. NGP will pay US$100,000 in cash and the balance in NGP shares having a deemed value of C$0.65. Reykjavik Energy Invest hf, a subsidiary of the City of Reykjavik’s geothermal utility Orkuveita Reykjavikur (Iceland), is the majority owner of IAE with a 83.7% interest and will thus become a significant shareholder of NGP. The deal is expected to close by March 31, 2011.

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