UNITED STATESSECURITIES AND EXCHANGE
COMMISSIONWashington, D.C. 20549

FORM 10-K/AAmendment No. 2

þANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES ACT OF 1934 For the fiscal year ended March 31, 2009

Or

oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES ACT OF 1934 For the transition period from ______to
______

Commission File Number 001-34023

|U.S.
      GEOTHERMAL INC.                                  
|------------------------------------------------------------
|(Exact name of Registrant as specified in its
      charter)

|Delaware                                 | 84-1472231         
|---------------------------------------- | -------------------
|(State or Other Jurisdiction of          | (I.R.S. Employer   
|Incorporation or Organization)           | Identification No.)
|                                         |                    
|1505 Tyrell Lane                         |                    
|Boise, Idaho                             | 83706              
|(Address of Principal Executive Offices) | (Zip Code)         

Registrants Telephone Number, Including Area Code 208-424-1027

Securities registered under Section 12(b) of the Exchange Act:

|Title of Each Class            | Name of Each Exchange on Which
      Registered
|------------------------------ | -----------------------------------------------
|Common Stock, $0.001 par value | NYSE Amex                                      

Securities registered pursuant to Section 12(g) of the Act:
NONE

Indicate by check mark if the registrant is well-known seasoned
issuer, as defined in Rule 405 of the Securities Act.oYes þNo

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Indicate by check mark if the registrant is not required to
file reports pursuant to Section 13 or Section 15(d) of the Act. oYes þNo

Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for at least the past 90 days. þYes oNo

Indicate by check mark whether the registrant has submitted
electronically and posted on its corporate Website, if any, every Interactive
Data File required to be submitted and posted pursuant to Rule 405 of
Regulations S-T (§229.405 of this chapter) during the preceding 12 months (or
for such shorter period that the registrant was required to submit and post such
files). oYes oNo

Indicate by check mark if disclosure of delinquent filers
pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not
contained herein, and will not be contained, to the best of registrants
knowledge, in definitive proxy or information statements incorporated by
reference in Part III of this Form 10-K or any amendment to this Form 10-K. 
þ

Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller
reporting company. See the definitions of large accelerated filer,
accelerated filer and smaller reporting company in Rule 12b-2 of the
Exchange Act.

|Large accelerated filer o                                                  | Accelerated filer þ        
|-------------------------------------------------------------------------- | ---------------------------
|Non-accelerated filer o(Do not check if a smaller reporting
      company) | Smaller reporting company o

Indicate by check mark whether the registrant is a shell
company (as defined in Rule 12b-2 of the Act). oYes þNo

The aggregate market value of the voting and non-voting common
equity held by non-affiliates computed by reference to the price at which the
common equity was sold, or the average bid and asked price of such common
equity, as of September 30, 2009 (the last business day of the registrants most
recently completed second fiscal quarter): $96,847,376

Number of shares outstanding of each of the issuers classes of
common equity, as of the latest practicable date.

|Class of Equity         | Shares Outstanding as of October 30,
      2009
|----------------------- | -----------------------------------------------
|Common stock, par value | 62,131,882                                     
|$ 0.001 per share       |                                                

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EXPLANATORY NOTE

This Amendment No. 2 to our annual report on Form 10-K
(Amendment No. 2) of U.S. Geothermal Inc. for the fiscal year ended March 31,
2009, which was originally filed with the Securities and Exchange Commission on
June 15, 2009, as amended on October 23, 2009, is being filed to amend and
restate our disclosure contained in Item 9A captioned Controls and Procedures
relating to the conclusion as of the effectiveness of the Companys disclosure
controls and procedures. In addition, we are amending and restating Item 15 to
provide updated certifications from our Chief Executive Officer and Chief
Financial Officer in accordance with applicable SEC rules.

This Amendment No. 2 does not reflect events occurring after
June 15, 2009, the date of the filing of our original Form 10-K, or modify or
update those disclosures that may have been affected by subsequent events.

PART II

Item 9A. Controls and Procedures

Evaluation of Disclosure Controls and
Procedures

In connection with the preparation of this annual report on
Form 10-K, an evaluation was carried out by the Companys management, with the
participation of the Chief Executive Officer and the Chief Financial Officer, of
the effectiveness of the Companys disclosure controls and procedures (as
defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of
1934 (Exchange Act)) as of March 31, 2009. Disclosure controls and procedures
are designed to ensure that information required to be disclosed in reports
filed or submitted under the Exchange Act is recorded, processed, summarized,
and reported within the time periods specified in the SEC rules and forms and
that such information is accumulated and communicated to management, including
the Chief Executive Officer and the Chief Financial Officer, to allow timely
decisions regarding required disclosures.

Based on their evaluation, our Chief Executive Officer and
Chief Financial Officer concluded disclosure controls and procedures were not
effective as of March 31, 2009. This conclusion is due the Companys inadvertent
failure to file the financials statements of its subsidiary Raft River Energy I
LLC as required by SEC rules and forms. The financial statements were filed in
Amendment No.1 to our Form 10-K filed on October 23, 2009.

Managements Report on Internal Control Over Financial
Reporting

The Companys management is responsible for establishing and
maintaining adequate internal control over financial reporting. Internal control
over financial reporting is defined in Rule 13a-15(f) and Rule 15d-15(f)
promulgated under the Exchange Act as a process designed by, or under the
supervision of, the Companys principal executive and principal financial
officers, or persons performing similar functions, and effected by the Companys
Board of Directors, management and other personnel, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with generally
accepted accounting principles. The Companys internal control over financial
reporting includes those policies and procedures that: pertain to the
maintenance of records that, in reasonable detail, accurately and fairly reflect
the transactions and dispositions of the assets of the Company; provide reasonable assurance that transactions are
recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that receipts and
expenditures of the Company are being made only in accordance with
authorizations of management and directors of the Company; and provide
reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use or disposition of the Companys assets that could have a
material effect on the financial statements.

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The Companys management assessed the effectiveness of the
Companys internal control over financial reporting as of March 31, 2009. In
making this assessment, it used the criteria set forth in the Internal
Control-Integrated Framework issued by the Committee of Sponsoring Organizations
of the Treadway Commission (COSO). Based on our assessment, management concluded
that, as of March 31, 2009, the Companys internal control over financial
reporting is effective based on those criteria.

Williams & Webster, P.S., independent registered public
accounting firm, who audited and reported on the consolidated financial
statements of U.S. Geothermal, Inc. included in this report, has issued an
attestation report regarding its assessment of the Companys internal control
over financial reporting as of March 31, 2009, which report appears as Exhibit
10.41 to our Amendment No. 1 to our Form 10-K filed on October 23, 2009.

Changes in Internal Control Over Financial
Reporting

As of the end of the period covered by this report, there have
been no changes in internal control over financial reporting (as defined in Rule
13a-15(f) of the Exchange Act) during the quarter ended March 31, 2009, that
materially affected, or are reasonably likely to materially affect, the
Companys internal control over financial reporting.

PART IV

Item 15. Exhibits, Financial Statement
Schedules

(a) The following documents are filed as a part of this
report:

1. Consolidated Financial Statements.

See Item 8 of Part II of our Amendment
No. 1 to our Form 10-K filed on October 23, 2009 for a list of the Financial
Statements filed as part of this report.

2. Financial Statement Schedules.

See our Amendment No. 1 to our Form
10-K filed on October 23, 2009 for a list of Financial Statements for Raft River
Energy I LLC Report of Independent Auditors Balance Sheets at November
28, 2008 and November 30, 2007 Statements of Operations for the periods
ended November 28, 2008 and November 30, 2007 Statements of Cash Flows
Statement of Members Equity Notes to the Financial Statement

3. Exhibits. See subparagraph (b) below.

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(b) Exhibits.

EXHIBIT LIST

EXHIBIT NUMBER
    
    DESCRIPTION3.1
    
    Certificate of Incorporation of
      U.S. Cobalt Inc. (now known as U.S. Geothermal Inc.) (Incorporated by
      reference to exhibit 3.1 to the registrants Form SB-2 registration
      statement as filed on July 8, 2004)3.2
    
    Certificate of Domestication of Non-U.S. Corporation
      (Incorporated by reference to exhibit 3.2 to the registrants Form SB-2
      registration statement as filed on July 8, 2004)3.3
    
    Certificate of Amendment of
      Certificate of Incorporation (changing name of U.S. Cobalt Inc. to U.S.
      Geothermal Inc.) (Incorporated by reference to exhibit 3.3 to the
      registrants Form SB-2 registration statement as filed on July 8, 2004)3.4
    
    Bylaws of U.S. Geothermal Inc. (formerly U.S.
      Cobalt Inc.) (Incorporated by reference to exhibit 3.4 to the registrants
      Form 10-Q quarterly report as filed on February 14, 2008)3.5
    
    Plan of Merger of U.S.
      Geothermal, Inc. and EverGreen Power Inc. (Incorporated by reference to
      exhibit 3.5 to the registrants Form SB-2 registration statement as filed
      on July 8, 2004)3.6
    
    Amendment to Plan of Merger (Incorporated by
      reference to exhibit 3.6 to the registrants Form SB-2 registration
      statement as filed on July 8, 2004)4.1
    
    Form of Stock Certificate
      (Incorporated by reference to exhibit 4.1 to the registrants Form SB-2
      registration statement as filed on July 8, 2004)4.2
    
    Form of Warrant Certificate (Incorporated by
      reference to exhibit 4.2 to the registrants Form SB-2 registration
      statement as filed on July 8, 2004)4.3
    
    Provisions Regarding Rights of
      Stockholders (Incorporated by reference to exhibit 4.3 to the registrants
      Form SB-2 registration statement as filed on July 8, 2004)4.4
    
    Form of Subscription Agreement (Incorporated by
      reference as exhibit 10.2 to the registrants Form 8-K current report as
      filed on May 2, 2008)4.5
    
    Form of Warrant (Incorporated
      by reference as exhibit 10.3 to the registrants Form 8-K current report
      as filed on May 2, 2008)4.6
    
    Form of Broker Warrant (Incorporated by
      reference as exhibit 10.4 to the registrants Form 8-K current report as
      filed on May 2, 2008)10.1
    
    Agreement between U.S.
      Geothermal Inc. and Vulcan Power Company dated December 3, 2002 regarding
      the acquisition of the Vulcan interest (Incorporated by reference to
      exhibit 10.1 to the registrants Form SB-2 registration statement as filed
      on July 8, 2004)10.2
    
    Amendment No. 1 dated November 15, 2003 to
      Agreement between U.S. Geothermal Inc. and Vulcan Power Company
      (Incorporated by reference to exhibit 10.2 to the registrants Form SB-2
      registration statement as filed on July 8, 2004)10.3
    
    Amendment No. 2 to Agreement
      by and between U.S. Geothermal Inc. and Vulcan Power Company dated
      December 30, 2003 (Incorporated by reference to exhibit 10.3 to the
      registrants Form SB-2 registration statement as filed on July 8, 2004)10.4
    
    Geothermal Lease and Agreement dated July 11, 2002,
      between Sergene Jensen, Personal Representative of the Estate of Harlan B.
      Jensen, and U.S. Geothermal Inc. (Incorporated by reference to exhibit 10.5 to the
      registrants Form SB-2 registration statement as filed on July 8, 2004)


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10.5
    
    Geothermal Lease and Agreement dated June 14,
      2002, between Jensen Investments Inc. and U.S. Geothermal Inc.
      (Incorporated by reference to exhibit 10.6 to the registrants Form SB-2
      registration statement as filed on July 8, 2004)10.6
    
    Geothermal Lease and Agreement dated March 1,
      2004, between Jay Newbold and U.S. Geothermal Inc. (Incorporated by
      reference to exhibit 10.7 to the registrants Form SB-2 registration
      statement as filed on July 8, 2004)10.7
    
    Geothermal Lease and Agreement dated June 28,
      2003, between Janice Crank and the children of Paul Crank and U.S.
      Geothermal Inc. (Incorporated by reference to exhibit 10.8 to the
      registrants Form SB-2 registration statement as filed on July 8, 2004)10.8
    
    Geothermal Lease and Agreement dated December
      1, 2004, between Reid S. Stewart and Ruth O. Stewart and US Geothermal
      Inc. (Incorporated by reference to exhibit 10.9 to the registrants
      Amendment No. 2 to Form SB-2 registration statement as filed on January
      10, 2005)10.9
    
    Geothermal Lease and Agreement, dated July 5,
      2005, between Bighorn Mortgage Corporation and US Geothermal Inc.
      (Incorporated by reference to exhibit 10.11 to the registrants Form
      10-QSB quarterly report as filed on February 17, 2006)10.10
    
    Geothermal Lease and Agreement, dated June 23,
      2005, among Dale and Ronda Doman, and US Geothermal Inc. (Incorporated by
      reference to exhibit 10.13 to the registrants Form 10-QSB quarterly
      report as filed on February 17, 2006)10.11
    
    Geothermal Lease and Agreement, dated June 23,
      2005, among Michael and Cleo Griffin, Harlow and Pauline Griffin, Douglas
      and Margaret Griffin, Terry and Sue Griffin, Vincent and Phyllis
      Jorgensen, and Alice Mae Griffin Shorts, and US Geothermal Inc.
      (Incorporated by reference to exhibit 10.14 to the registrants Form
      10-QSB quarterly report as filed on February 17, 2006)10.12
    
    Geothermal Lease and Agreement dated January
      25, 2006, between Philip Glover and US Geothermal Inc. (Incorporated by
      reference to exhibit 10.9 to the registrants Form 10- QSB quarterly
      report as filed on February 17, 2006)10.13
    
    Geothermal Lease and Agreement, dated May 24,
      2006, between JR Land and Livestock Inc. and US Geothermal Inc.
      (Incorporated by reference to exhibit 10.30 to the registrants Form
      10-KSB annual report as filed on June 29, 2006)10.14
    
    Employment Agreement dated January 1, 2009 with
      Kerry D. Hawkley (Incorporated by reference to exhibit 10.16 to the
      registrants Form 10-K annual report as filed on June 15, 2009)10.15
    
    Employment Agreement dated January 1, 2009 with
      Douglas J. Glaspey (Incorporated by reference to exhibit 10.16 to the
      registrants Form 10-K annual report as filed on June 15, 2009)10.16
    
    Escrow Agreement made December 19, 2003, among
      U.S. Geothermal Inc., Pacific Corporate Trust Company, as escrow agent,
      and certain security holders (Incorporated by reference to exhibit 10.15
      to the registrants Form SB-2 registration statement as filed on July 8,
      2004)10.17
    
    Escrow Agreement made December 19, 2003, among
      U. S. Geothermal Inc., Pacific Corporate Trust Company, as escrow agent,
      and certain security holders (Incorporated by reference to exhibit 10.16
      to the registrants Form SB-2 registration statement as filed on July 8,
      2004)


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10.18
    
    First Amended and Restated Merger Agreement
      dated November 30, 2003 among U.S. Cobalt Inc., EverGreen Power Inc., U.S.
      Geothermal Inc., and the stockholders of U.S. Geothermal Inc.
      (Incorporated by reference to exhibit 10.17 to the registrants Form SB-2
      registration statement as filed on July 8, 2004)10.19
    
    Agreement with Dundee Securities Corporation
      dated June 28, 2004 (Incorporated by reference to exhibit 10.18 to the
      registrants Form SB-2 registration statement as filed on July 8, 2004)10.20
    
    Amended and Restated Stock Option Plan of U.S.
      Geothermal Inc. dated September 29, 2006.(Incorporated by
      reference to exhibit 10.23 to the registrants Form SB-2 registration
      statement as filed on October 2, 2006.)10.21
    
    Power Purchase Agreement dated December 29,
      2004 between U.S. Geothermal Inc. and Idaho Power Company (Incorporated by
      reference to exhibit 10.19 to the registrants Amendment No. 2 to Form
      SB-2 registration statement as filed on January 10, 2005)10.22
    
    Engineering, Procurement and Construction
      Agreement dated December 5, 2005 between U.S. Geothermal Inc. and Ormat
      Nevada Inc. (Incorporated by reference to exhibit 10.28 to the
      registrants Form 10-QSB quarterly report as filed on February 17, 2006) *10.23
    
    Amendment to the Engineering, Procurement and
      Construction Agreement dated April 26, 2006 between U.S. Geothermal Inc.
      and Ormat Nevada Inc. (Incorporated by reference to exhibit 99.1 to the
      registrants Form 8-K as filed on May 2, 2006)10.24
    
    Letter of Intent from Eugene Water and Electric
      Board to U.S. Geothermal Inc. dated February 22, 2006 (Incorporated by
      reference to exhibit 10.27 to the registrants Form SB-2 as filed on
      September 29, 2006).10.25
    
    Renewable Energy Credits Purchase and Sales
      Agreement dated July 29, 2006 between Holy Cross Energy and U.S.
      Geothermal Inc. (Incorporated by reference to exhibit 10.28 to the
      registrants Form SB-2 as filed on September 29, 2006).10.26
    
    Transmission Agreement dated June 24, 2005
      between Department of Energys Bonneville Power Administration -
      Transmission Business Line and U.S. Geothermal Inc. (Incorporated by
      reference to exhibit 10.27 to the registrants Form 10-QSB quarterly
      report as filed on August 12, 2005)10.27
    
    Interconnection and Wheeling Agreement dated
      March 9, 2006 between Raft River Rural Electric Co-op and U.S. Geothermal
      Inc. (Incorporated by reference to exhibit 10.28 to the registrants Form
      10-KSB annual report as filed on June 29, 2006)10.28
    
    Construction Contract dated May 16, 2006
      between Raft River Rural Electric Co-op and U.S. Geothermal Inc.
      (Incorporated by reference to exhibit 10.31 to the registrants Form SB-2
      as filed on September 29, 2006).10.29
    
    Membership Admission Agreement, dated August 9,
      2006, among Raft River Energy I LLC, U.S. Geothermal Inc., and Raft River
      I Holdings, LLC (Incorporated by reference to exhibit 10.1 to the
      registrants Form 8-K as filed on August 23, 2006)10.30
    
    Amended and Restated Operating Agreement of
      Raft River Energy I LLC, dated as of August 9, 2006, among Raft River
      Energy I LLC, Raft River I Holdings, LLC and U.S. Geothermal Inc
      (Incorporated by reference to exhibit 10.2 to the registrants Form 8-K as
      filed on August 23, 2006).10.31(1)
    
    Management Services Agreement, dated as of
      August 9, 2006, between Raft River Energy I LLC and U.S. Geothermal
      Services, LLC10.32
    
    Construction contract dated May 22, 2006
      between Industrial Builders and U.S. Geothermal Inc. (Incorporated by
      reference to exhibit 10.31 to the registrants Form 10-KSB
      annual report as filed on June 29, 2006)


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10.36
    
    First Amendment to the Amended and Restated
      Operating Agreement of Raft River Energy I LLC, dated as of November 7,
      2006, among Raft River Energy I LLC, Raft River I Holdings, LLC and U.S.
      Geothermal Inc. (Incorporated by reference to exhibit 10.36 to the
      registrants Form 10-QSB as filed on February 20, 2007).10.38
    
    Geothermal Lease and Agreement dated August 1,
      2007, between Bureau of Land Management and U.S. Geothermal Inc.
      (Incorporated by reference as exhibit 10.38 to the registrants Form 10-K
      as filed on June 16, 2008)10.39
    
    Asset Purchase Agreement dated as of March 31,
      2008, between U.S. Geothermal Inc., and Empire Geothermal Power LLC and
      Michael B. Stewart (Incorporated by reference as exhibit 99.1 to the
      registrants Form 8-K current report as filed on April 7, 2008)10.40
    
    Underwriting Agreement dated April 28, 2008
      between U.S. Geothermal, Inc. and Clarus Securities Inc., Toll Cross
      Securities Inc. and Loewen Ondaatje McCutcheon Limited (Incorporated by
      reference as exhibit 10.1 to the registrants Form 8-K current report as
      filed on May 2, 2008)10.41(1)
    
    Report
      of Independent Registered Public Accounting Firm10.42
    
    Water Rights Purchase Agreement Michael B.
      Stewart and U.S. Geothermal Inc. dated March 31, 2008 (Incorporated by
      reference as exhibit 99.2 to the registrants Form 8-K current report as
      filed on April 7, 2008.)13.1(1)
    
    Consolidated Financial Statements of U.S. Geothermal Inc. as
      of March 31, 200913.2(1)
    
    Financial Statements Raft River Energy I LLC at
      November 28, 2008 and November 30, 2007 and for the periods then ended
      together with the Report of the Independent Auditors21.1(1)
    
    Subsidiaries of the Registrant23.1(1)
    
    Consent of Williams & Webster, P.S.23.2(1)
    
    Consent of GeothermEx Inc.23.3(1)
    
    Consent of Teplow Geologic23.4(1)
    
    Consent of Black Mountain Technology23.5(1)
    
    Consent of PricewaterhouseCoopers LLP31.1(2)
    
    Certification of Chief Executive Officer
      Pursuant to Section 302 of the Sarbanes-Oxley Act of 200231.2(2)
    
    Certification of Chief Financial Officer
      Pursuant to Section 302 of the Sarbanes-Oxley Act of 200232.1(1)
    
    Certification of Chief Executive Officer
      Pursuant to Section 906 of the Sarbanes-Oxley Act of 200232.2(1)
    
    Certification of Chief Financial Officer
      Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002


(1)  Previously filed. (2)  Filed herewith.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.

|                  | U.S. Geothermal Inc.                 
|----------------- | -------------------------------------
|                  |                                      
|November 23, 2009 |                                      
|                  | /s/ Daniel J.
      Kunz             
|                  | Daniel J. Kunz                       
|                  | Chief Executive Officer and President
|                  | (Principal Executive Officer)        

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