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Offerings: Nevada Geothermal Eyes C$10 Million

September 3, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Nevada Geothermal Power, Inc. (TSX Venture: NGP) (OTCBB: NGLPF) said that it will proceed with a non-brokered private placement for up to 20 million units at a price of C$0.50 per unit to raise gross proceeds of up to C$10 million. Each unit will consist of one common share and one transferable share purchase warrant, with one warrant entitling the holder to purchase one additional common share of the company at a purchase price of $0.70 per warrant share.

Nevada Geothermal said that, in the event that the closing price of the company’s common shares on the TSX Venture Exchange is $1 or greater per share for a period of 20 consecutive trading days, the company may accelerate the expiry date of the warrants and in such case the warrants must be exercised within 30 days.

Canada-based Nevada Geothermal Power operates the 49.5 MW Faulkner 1 geothermal power plant in Nevada. The company is a renewable energy developer focused on producing geothermal electric power from high temperature geothermal resources in the United States.

NGP currently owns a 100% leasehold interest in five properties: Blue Mountain, Pumpernickel Valley, Edna Mountain and Black Warrior in Nevada, and Crump Geyser, in Oregon. NGP estimates a potential of between 150 MW and 300 MW from its current leaseholds.

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