On September 7, 2010 Energy Secretary Steven Chu announced the issuance of the first loan guarantee under the Department of Energy’s (DOE) Financial Institution Partnership Program (FIPP). The DOE issued the partial guarantee for a $98.5 million loan being made by John Hancock Financial Services to a subsidiary of the Nevada Geothermal Power Company (NGP) in respect of the 49.5 megawatt Blue Mountain geothermal project (PDF) located Humboldt County in Northwestern Nevada. The blended interest rate for the loan was determined