May 2008
Nevada Geothermal Power Inc.
This PowerPoint presentation contains certain forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. We have tried, whenever possible, to identify these forward-looking statements using
words such as "anticipates," "believes," “estimates," "expects," "plans," "intends," "potential" and similar expressions.
These statements reflect our current belief and are based upon currently available information. Accordingly, such
forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause the
Company's actual results, performance or achievements to differ materially from those expressed in or implied by such
statements. We undertake no obligation to update or advise in the event of any change, addition, or alteration to the
information catered in this PowerPoint presentation including such forward-looking statements. This PowerPoint
presentation does not constitute an offer of the securities described herein.
The foregoing MW estimates are derived from several reports prepared by an independent geothermal consultant, and
are based upon certain assumptions contained in these reports. Other than Blue Mountain, insufficient exploration work
has been conducted on the other properties in order to determine the reasonableness of these assumptions, therefore
there are risks that these estimates may not be accurate. Accordingly, investors should not rely on this information when
making an investment decision.
2
GEOTHERMAL ENERGY
Advantages
 Base load power plants
• 24 hours a day/ 7days a week
 High capacity factor: 95%+
 Low emissions
 Established technology
 40+ years plants operating in US
 Self replenishing (renewable)
3
STATE OF NEVADA
New Geothermal Power Development!

Abundant geothermal resources

Geothermal industry established

•
308 MW existing capacity
•
+120 MW signed power contract
•
+200 MW contract awards pending
Strong power demand
•
By 2015 Nevada’s two Utilities to spend
US$2 billion on increasing renewable
supplies
•
Net importer of power
•
Large industrial loads
•
Highest growth rate in U.S.
4
GOVERNMENT SUPPORT
 Renewable Portfolio Standards
• 20% by 2015 in Nevada (currently 8%)
• Oregon, California progressive portfolio standards
 Production Tax Credits
• US$19 /MWh on the first 10 years of output, Senate has extended a
bill to extend to the end of 2009
 U.S. Department of Energy (DOE) funding to be renewed
5
NEVADA GEOTHERMAL
Corporate Structure
Nevada Geothermal Power Inc.
(“NGP”)
(TSX.V: NGP, OTCBB: NGLPF)
B.C., Canada Corporation
Blue Mountain Power
Company, Inc.
(“Blue Mountain”)
B.C., Canada, Corporation
Nevada Geothermal Power
Company (“NGPC”)
Nevada Corporation
Formerly NORAMEX
NGP Blue Mountain
HoldCo, LLC
(“HoldCo”)
Black Warrior,
NV
HoldCo for future financing
flexibility
Crump Geyser,
OR
Pumpernickel,
NV
Sierra Geothermal
Power Inc.
(formerly Inovision)
Option for 50% if they
provide $5MM in
development capital
NGP Blue Mountain I,
LLC
(“NGP 1”)
Borrower
6
Project Pipeline
Blue Mountain
Pumpernickel Valley
• Scheduled to be the first project to reach
commercial operation
• Funded by JV partner, Sierra Geothermal
Power
• Potential for additional phases after the
Project reaches commercial operation
• Full size production test well expected to
be drilled in 2008
Crump Geyser
Black Warrior
• Top prospect in Oregon
• Large scale heat anomaly
• Access to California power market
• Plans to continue exploration surveys
in 2008
Over 200 MW of Development Potential
7
NEVADA GEOTHERMAL
Aggressive Growth
8
Well 25-15
10.0 MW Gross
ON THE ROAD TO REVENUE
Exploration ► Feasibility ► Construction ► Production ►
Blue Mountain Project
 30 MW (net) Power Purchase Agreement
 Negotiating contract for reserve power
 Large generation interconnection (LGIA)
 Environmental Assessment Approved (FONSI)
 EPC contract:
 49. 5 MW gross/39 MW net

fixed price
 guaranteed completion date December 31, 2009
 $140M project financing committed
 Turn on the Power: 4th Quarter 2009
10
Blue Mountain Project Participants
Owner Operator:
Nevada Geothermal Power Inc.
Power Offtaker:
Nevada Power Company
EPC Contractor:
Ormat Nevada, Inc.
Interconnection:
Sierra Pacific Power Company
Drilling:
ThermaSource, Inc.
Independent Resource Evaluation:
GeothermEx, Inc.
Independent Engineer:
Luminate, LLC
Key Investment Highlights



Stable Cash Flow from Long-Term Power Purchase Agreement
•
20-year PPA with NPC minimizes exposure to energy price fluctuations
•
Energy payments increase if PTCs are not available
•
Fundamental value supported by requirements for NPC to obtain 20% of its total energy
from renewable resources by 2015
Environmentally Friendly Base-Load Power Well Positioned on the Dispatch Curve
•
Attractively positioned on dispatch curve
•
Limited direct exposure to variable fuel costs
•
Nearly no greenhouse gas emissions
•
High reliability relative to other clean technologies, such as solar and wind
Project Financing Committed
•
Construction financing is expected to close at end of April 2008
•
Agreement with Morgan Stanley affiliate for "take-out" equity to repay the
•
Requires extension of PTC legislation which a bill is currently in the Senate
12
construction loan
Key Investment Highlights

Well-Developed Stage of Resource
•
•
•

EPC Agreement with Ormat Mitigates Construction Risk
•
•
•

Fixed-price, date-certain EPC contract with Ormat
Liquidated damages payable in the event of underperformance and/or delay
Luminate hired as independent engineer
Proven Technology Mitigates Operating Risk
•
•
•

Three production wells tested to 29.6 MW (gross) / 22.0 MW (net),
representing approximately 60% of expected output
Additional production well completed in February 2008 also expected to be a commercial producer
GeothermEx engaged to opine on the geothermal resource
Three unit binary plant reduces production outage for maintenance
Increases availability factor of the facility
Ormat is recognized leader in geothermal space
Experienced Developer / Operator
•
•
Arms-length O&M agreement with NGP
Executive experience in geothermal resource development
13
PROJECT LOCATION
Power Grid
14
BLUE MOUNTAIN
View from the west
North
15
16
Well 23-14, Rig on Flow Test
10.0 MW Gross
BLUE MOUNTAIN
Well Field
Development
17
BLUE MOUNTAIN
Well Field Development for 49.5 MW

Well Field plan calls for 6 Production Wells and 4 injection wells

4 Production Wells Drilled
26A-14:
9.6 MW gross
23-14:
10.5 MW gross
25-14:
10.0 MW gross
Proven Capacity:
29.6 MW gross = 59.8% of Project’s expect output

Currently drilling first injection well (58-15)

Contract with ThermaSource, Inc. secures rig through planned well field
development
18
BLUE MOUNTAIN
Transmission Route

Flat underdeveloped terrain, with no river or
highway crossings

120kV transmission interconnection
•

Sierra Pacific Power Company
75 MW Large Generator Interconnection
Agreement in place
19
Power Purchase Agreement – ‘Faulkner 1’
Nevada Power Resources (Utility)

Blue Mountain – 31. 25 MW net
•
20-year Power Purchase Agreement
•
31.25 MW net plus RECs
•
US$60 - $70 per MWh
•
20-year fixed escalator
•
Contract value US$375 million
•
US$19/MWh PTC
• $US66 million

‘Faulkner 1’ projected to come on
line in 2009.
20
Summary of Ormat EPC Contract
Counterparty
Ormat Nevada Inc., a Delaware corporation
Date
March 28, 2008
Contract Price
$76,070,000
Power Plant
• Geothermal electric generating facility capable of producing 42.3 MW of
net electrical power.
• The Power Plant to consist of 3 Integrated Two Level Ormat Energy
Converter units, each incorporating one 17 MW double ended shaft
generator driven by two 1800 RPM direct coupled special organic fluid
turbines, cooling towers, cooling pumps and all other related systems
Key Milestones
 Limited Notice to Proceed Issued February 8, 2008 (LNTP Date)
 Survey and Geo-Technical Report Completed on March 24, 2008
 CAPP Permit to Construct – December 2008
 Substantial Completion Guaranteed Date – December 31, 2009
21
Iso-pentane pre-heater
Vaporizer
Blue Mountain’s Faulkner I Power Plant
Financing Path
US$20 million Glitnir Bank Bridge Loan

To fund the continuous development for Faulkner I power plant
US$140 million Loan Facility Morgan Stanley

Takes out Glitnir Loan

To fund construction of geothermal power plant

Geothermal well field, related infrastructure and development costs.
US $140 million Morgan Stanley tax equity investment

At completion of Blue Mountain, Faulkner 1

Takes out construction loan

Blue Mountain’s Faulkner 1 assets are held in a project level single purpose entity.
25
PUMPERNICKEL PROJECT
Production Test Well in 2008

Leases from Newmont Mining
Corporation & the Federal BLM

135°C (275˚F) legacy well with
temperature increasing at bottom

Gravity and Seismic surveys
completed – drill targets defined

Production test well in 2008

$5.0 million funding committed from
JV partner to earn 50% interest

Nevada Geothermal remains
operator of Pumpernickel project
26
CRUMP GEYSER – LOOKING EAST
Aggressive Drilling Program in 2008!
1959
27
CRUMP GEYSER
Top Prospect in Oregon
Potential geothermal source
indicated in red circle
 Magnetic survey delineated
faults
 Resistivity survey delineated
super conductor reflecting
geothermal reservoir
 3.6 miles to transmission line
 Drilling program 2008
28
BLACK WARRIOR PROJECT AREA

37MW (90% probability);
GeothermEx Inc., California Energy
Commission 2005

21 sq kilometres/8 sq miles

Heat anomaly over 25 sq
kilometres/9.6 sq miles

Deep test hole recorded maximum
temperature of 128°C/262˚F at 552
metres/1811 ft
•
29
Gradients suggest
commercial temperatures
within 1000 metres/3280 ft
Officers, Management & Directors
Experts In Geothermal Power Development
Brian D. Fairbank. P.Eng., President & CEO

Max Walenciak, P. Eng., Mgr. of Geothermal Development
Canada’s foremost geothermal expert with 30 years of
experience in geothermal engineering, drilling, field
development, business management and project
finance

Responsible for engineering, equipment procurement
and contractor selection for the Project

Has over 30 years of diverse project management
experience, including both gas-fired and geothermal
power plants
Andrew Studley, P.Eng, CPA, MBA, CFO

Experience in all areas of corporate planning,
accounting, finance and administration for chemical,
energy and environmental management to worldwide
chemical companies and refiners
Markus Christen, Board of Directors
Kim Niggemann, B.Sc., Director, Resource Exploration

Responsible for day-to-day operations, scheduling,
program efficiency, budget control and overall project
success

Background in mining exploration and field drilling for
major mining companies
30

A senior financial executive with extensive experience
in investment and commercial banking

Responsible for raising over US$50 billion domestically
and internationally for projects, including geothermal
plants
Officers, Management & Directors
Richard Campbell, M.Sc., P.Eng., Board of Directors
R. Gordon Bloomquist, Ph.D., Board of Directors


Director of Geothermal and District Energy for the state
of Washington

Responsible for in-state geothermal policy decisions,
assistance to developers, investigation of geothermal
resources, and district heating installations

Past President of the Geothermal Resource Council


Currently Manager of the Technical & Engineering
Services Division of TIC – The Industrial Company.
TIC is a leader in geothermal plant construction
1994 – 1999 as President of Ben Holt Company, he
directed the design, construction and support of major
international geothermal power plants that helped Ben
Holt to become a world leader in steam and binary
cycle geothermal power engineering
Jack Milligan, P. Eng., Board of Directors
Received the Joseph W. Aidlin Award in 2000 for
Outstanding Contribution to the Development of
Geothermal Energy. President (1995 – 1996) and
currently a Director of the Geothermal Resources
Council

Civil engineer with 46 years experience in power plant
and transmission line construction

Responsible for building major power dams and
transmission lines, and managed the Meager Creek
geothermal project for B.C. Hydro
Domenic Falcone, CPA, Board of Directors
James Yates, Board of Directors

Founder of Geothermal Resources International Inc., a
power developer that played a significant role in
building a viable U.S. geothermal industry

Independent businessman with 20 years of experience
in corporate development and financing of emerging
resource companies

Received the Joseph W. Aidlin Award in 1991 for
Outstanding Contribution to the Development of
Geothermal Energy

Financed and developed the Crowfoot Lewis open-pit
gold mine in Nevada
31
Corporate Information
Trading Symbol
TSXV: NGP
OTC BB: NGLPF
52 week High/Low
C$1.35 / $0.66
US$1.55 / $0.55
Shares Outstanding
79,119,504
Fully Diluted
112,221,824
Research Coverage
Dundee Securities
Clarus SecuritiesGeothermal Overview
Fraser MacKenzie
Sprott Securities
Casey’s - Energy Speculator
News Letter Coverage
Brien Lundin’s - Gold Newsletter
Mining Share Focus
32
Jay Taylor
Contact Information
Brian D. Fairbank, P. Eng
President & CEO
Shelley Kirk
Investor Relations
Telephone: 604-688-1553
fairbank@nevadageothermal.com
Telephone: 604-638-8784
Cell: 604-999-1121
sfkirk@nevadageothermal.com
Head Office
900 – 409 Granville Street
Vancouver, B.C. Canada V6C 1T2
Toll Free: 1-866-688-0808
Investor Enquires: Extension 118
www.nevadageothermal.com
33