Provo, Utah-based Raser Technologies (NYSE: RZ) said today it signed an agreement with Merrill Lynch for the structuring and financing of up to 155 megawatts of geothermal power plants.

The value of the entire agreement was not disclosed, but Raser said the deal includes a financing commitment for the first plant of up to $44 million.

The facility, using geothermal technology from UTC Power, a United Technologies (NYSE: UTX) company, is designed to produce 10.5 MW of power.

The first plant is expected to be online in the third quarter of this year.

"This is the first of what we expect to be many agreements to accelerate the development of clean, renewable energy production utilizing our geothermal technology and resources," said Brent Cook, CEO of Raser.

"This unique agreement provides the required upfront capital to complete our initial projects and keep us on pace to fulfill our goal to initiate the development of 100 MW per year for the first three years of our geothermal power production effort, and 150 MW each year thereafter."

The agreement provides for the funding of up to 100 MW of power plant construction and a right of first refusal to build up to an additional 55 MW of power plants.