The U.S. Energy Department on Thursday offered a $102 million loan guarantee to U.S. Geothermal Inc. (HTM), the first-ever such subsidy offered to a geothermal project.

The low-cost funding, if finalized, would allow the company to build a 22-megawatt geothermal power project in Malheur County, in southeastern Oregon, the U.S. Energy Department said in a statement. U.S. Geothermal estimates that the project will create 150 jobs during the 20-month construction period and employ 10 skilled, full-time workers when the plant begins operating in 2012.

Company shares surged following the announcement, rising 20% in recent trading to 84 cents a share.

-By Siobhan Hughes, Dow Jones Newswires; 202-862-6654; siobhan.hughes@dowjones.com
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