Section 1603 funding was created as part of the $787bn federal economic stimulus bill in 2009.
The Section 1603 grant program is offered by Treasury to qualified renewable energy projects in lieu of investment tax credits or production tax credits. The grant amount for most geothermal projects is equal to 30% of the authorized capital costs of the project.
Raser says it will use the funds to retire debt and obligations related to the Thermo No.
