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Exhibit 4.92


|October 1. 2007                    
|-----------------------------------
|                                   
|Fairbank Engineering Ltd.          
|900-409 Granville St.              
|Vancouver, British Columbia V6C 1T2

|Attention: | Brian D. Fairbank
|---------- | -----------------

Dear Sirs/Mesdames:

|Re: | Agreement to purchase assets and to retain
      employees
|--- | ----------------------------------------------------------

This letter shall confirm our agreement whereby Nevada
Geothermal Power Inc. (NGP) has agreed with Fairbank Engineering Ltd. (FEL)
to acquire certain assets owned by FEL, and to employ certain FEL employees.

The parties hereto acknowledge that:

| | (a) | FEL has provided geological and geothermal consulting
      services to NGP for many years on an as needed basis;                                                                                                                  
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                      
| | (b) | the operations of NGP have developed to the point where
      NGP requires the services of certain key FEL employees on a full-time
      basis;                                                                                     
| |     |                                                                                                                                                                                                                                      
| | (c) | as a result of this agreement, the business operations of
      FEL will come to an end, therefore certain FEL Assets, defined below, that
      are necessary for the operations of NGP will be purchased by NGP;
    and           
| |     |                                                                                                                                                                                                                                      
| | (d) | NGP has obtained an independent evaluation of the current
      value of the FEL Assets, defined below, and the purchase price for the FEL
      Assets under this Agreement is equal to the fair market value for such
      assets.

Based upon the foregoing, the parties hereto hereby agree as
follows:

|2. | NGP shall acquire certain assets owned by FEL, details of
      which are described as Schedule A hereto, for the consideration
      indication below;
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------

(a)
    
    Exploration
      equipment
    
    $
    32,850(b)
    
    Office equipment
    
    $
    25,087(c)
    
    Computer
      equipment
    
    $
    9,860(d)
    
    Software
    
    $
    11,067(e)
    
    Vehicles
    
    $
    23,279Total
    
    $
    102,143


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(the Asset Purchase Price)

The Asset Purchase Price shall be paid
by NGP to FEL on the Effective Date, as defined below.

|3. | NGP and FEL agree that certain key FEL employees
      described below shall be employed by NGP effective as of October 1, 2007
      on substantially the same terms as they were employed by FEL, and NGP
      shall provide written confirmation of such employment to each of the
      following FEL employees
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|Name                |  | J o b
      T i t l e       |  |   | FEL Salary (Annual) | 
|------------------- |  | --------------------------- |  | - | ------------------- | 
|Kim Niggemann       |  | Project Director            |  | $ | 95,000              | 
|Ryan Nelson         |  | Manager of Field Operations |  | $ | 70,000              | 
|Jeremias Bustalinio |  | GIS Analyst Assistant       |  | $ | 52,500              | 
|Laura Georgescu     |  | Controller                  |  | $ | 45,000              | 
|                    |  |                             |  |   |                     | 
|                    |  |                             |  | $ | 262,500             | 

|   | (collectively, the Employees)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|4. | As further consideration for FEL's agreement to
      relinquish its key Employees to NGP, which shall effectively end FEL's
      consulting business, FEL shall also receive from NGP consideration equal
      to six (6) months annual salary for each Employee, having a total value of
      $131,250. This sum shall he satisfied by the issue to FEL of 175,000
      common shares in the capital of NGP having a deemed price of $0.75 per
      share (the Bonus Shares). The Bonus Shares shall be issued by NGP to FEL
      on the Effective Date, as defined below.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|5. | In the event that any of the Employees should
    either:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|   | (i)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|   | (ii)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|   | then that portion of the Bonus Shares that were issued in
      connection with such Employee shall be returned by FEL to NGP for
      cancellation.                                                                                                                                                                                                                                                                                                                                                                                                                               
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|6. | This Agreement is subject to the approval of the
      independent directors of NGP, and to the acceptance of the TSX Venture
      Exchange (the Exchange). NGP hereby agrees to seek such approval without
      delay.                                                                                                                                                                                                                                                                                                                                                         
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|7. | that is within 5 business days following the date of
      Exchange acceptance to this Agreement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|8. | Each of the parties hereto hereby agrees to take such
      action and execute such additional documents as may be necessary in order
      to give effect to this Agreement.                                                                                                                                                                                                                                                                                                                                                                                                       

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If the foregoing meets with your approval, please confirm your
acceptance of the terms of this Agreement by signing where indicated below and
returning the enclosed copy of this Agreement to NGP.

Yours truly.

NEVADA GEOTHERMAL POWER INC.Per:/s/ Gordon
      BloomquistIndependent directionAgreed to and acceptedFAIRBANK ENGINEERING LTDPer:/s/ Brian D
      FairbankBrian D. Fairbank


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