May 2008

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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.

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GEOTHERMAL ENERGYAdvantages

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)

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STATE OF NEVADANew 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 demandStrong 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.

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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

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NEVADA GEOTHERMAL Corporate Structure

Nevada Geothermal Power Inc. (“NGP”)

(TSX.V: NGP, OTCBB: NGLPF)

B.C., Canada Corporation

Blue Mountain PowerCompany, Inc.

(“Blue Mountain”)B.C., Canada, Corporation

Nevada Geothermal Power Company (“NGPC”)Nevada CorporationFormerly NORAMEX

Black Warrior, NV

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

NGP Blue Mountain HoldCo, LLC

(“HoldCo”)

HoldCo for future financing flexibility

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Project Pipeline

• Scheduled to be the first project to reach commercial operation

• Potential for additional phases after the Project reaches commercial operation

Blue Mountain

• Top prospect in Oregon

• Access to California power market

Crump Geyser

• Funded by JV partner, Sierra Geothermal Power

• Full size production test well expected to be drilled in 2008

Pumpernickel Valley

• Large scale heat anomaly

• Plans to continue exploration surveys in 2008

Black Warrior

Over 200 MW of Development Potential

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NEVADA GEOTHERMAL Aggressive Growth

Well 25-1510.0 MW Gross

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ON THE ROAD TO REVENUEExploration ► 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

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

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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 construction loan

• Requires extension of PTC legislation which a bill is currently in the Senate

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Key Investment Highlights

Well-Developed Stage of Resource• 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

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 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

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PROJECT LOCATION

Power Grid

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BLUE MOUNTAINView from the west

North

Jungo Road

16Well 23-14, Rig on Flow Test 10.0 MW Gross

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BLUE MOUNTAINWell FieldDevelopment

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BLUE MOUNTAINWell 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

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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

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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.

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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

Iso-pentane pre-heater Vaporizer

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Blue Mountain’s Faulkner I Power PlantFinancing 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.

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PUMPERNICKEL PROJECTProduction 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

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CRUMP GEYSER – LOOKING EASTAggressive Drilling Program in 2008!

1959

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CRUMP GEYSERTop 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

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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

• Gradients suggest commercial temperatures within 1000 metres/3280 ft

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Officers, Management & DirectorsExperts In Geothermal Power Development

Brian D. Fairbank. P.Eng., President & CEO

Canada’s foremost geothermal expert with 30 years of experience in geothermal engineering, drilling, field development, business management and project finance

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

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

Max Walenciak, P. Eng., Mgr. of Geothermal Development

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

Markus Christen, Board of Directors

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

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Officers, Management & Directors

Richard Campbell, M.Sc., P.Eng., Board of Directors

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

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

Domenic Falcone, CPA, 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

Received the Joseph W. Aidlin Award in 1991 for Outstanding Contribution to the Development of Geothermal Energy

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

Jack Milligan, P. Eng., Board of Directors

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

James Yates, Board of Directors

Independent businessman with 20 years of experience in corporate development and financing of emerging resource companies

Financed and developed the Crowfoot Lewis open-pit gold mine in Nevada

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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

Fully Diluted

79,119,504

112,221,824

Research Coverage Dundee Securities

Clarus Securities-

Geothermal Overview

News Letter Coverage

Fraser MacKenzie

Sprott Securities

Casey’s - Energy Speculator

Brien Lundin’s - Gold Newsletter

Mining Share Focus

Jay Taylor

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Contact Information

Brian D. Fairbank, P. Eng

President & CEO

Telephone: 604-688-1553

fairbank@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

Shelley Kirk

Investor Relations

Telephone: 604-638-8784

Cell: 604-999-1121

sfkirk@nevadageothermal.com