Document:

Filed by Automated Filing Services Inc. (604) 609-0244 - US Geothermal Inc. - Exhibit 10.36

***Certain portions of this exhibit have been omitted and filed
separately with the Commission pursuant to a request for confidential treatment
under Rule 24b-2 promulgated under the Securities Exchange Act of 1934, as
amended. 

EXECUTION VERSION 

FIRST AMENDMENT TO THE AMENDED AND RESTATED
OPERATING
AGREEMENT OF RAFT RIVER ENERGY I LLC 

     FIRST AMENDMENT TO THE AMENDED
AND RESTATED OPERATING AGREEMENT OF RAFT RIVER ENERGY I LLC, dated as of
November 7, 2006 (this Amendment), by and among RAFT RIVER ENERGY I LLC
(the Company), RAFT RIVER I HOLDINGS, LLC (Member A) and U.S.
GEOTHERMAL INC. (Member B).

W I T N E S S
E T H:

     WHEREAS, the parties entered into
the Amended and Restated Operating Agreement of the Company, dated August 9,
2006 (the LLC Agreement); and

     WHEREAS, Member A and Member B
have agreed to the amendments set forth herein pursuant to, and subject to, the
terms and conditions set forth in this Amendment and the parties hereto desire
to amend the LLC Agreement to give effect to the changes set forth below;

     NOW, THEREFORE, in consideration
of the mutual agreements hereinafter contained and other good and valuable
consideration, the sufficiency of which is hereby acknowledged, it is agreed
that the LLC Agreement is amended as follows:

	1. 	DEFINITIONS 

     Capitalized terms defined in the
LLC Agreement and not otherwise defined herein shall have the meanings assigned
to them in the LLC Agreement. The words herein, hereof and hereunder and other
words of similar import refer to this Amendment as a whole.

	2. 	AMENDMENTS 

     2.1. Amendments. The LLC
  Agreement is amended as follows:

      (a) The definition of Class A
Target Yield shall be deleted in its entirety and replaced with the
following:

     ““Class A Target Yield”
shall be realized when Member A has received (1) cash distributions on the Class
A Units in an aggregate amount equal to the aggregate Capital Contributions of
Member A and (2) additional cash distributions on the Class A Units which,
together with the amount of any tax benefits allocated to Member A (whether or
not used) resulting from allocations of the Company’s Net Losses (including
Renewable Electricity Production Credits), are sufficient to provide Member A
with an annualized *** internal rate of return, determined on an
After-Tax Basis, with respect to such Capital Contributions (taking into account
the timing and amount of such Capital Contributions, cash distributions and
allocations, as the case may be); provided, that, if condition
number 3 on Schedule 6 to the Operating Agreement (The well improvement work
described in the Drilling Bid Proposal and Daywork Drilling Contract between
U.S. Geothermal Inc. and Union Drilling, Inc. dated May 25, 2006 (the Drilling
Program) shall have been completed and GeothermEx, Inc. shall have certified to
the Company that the production and injection capacity resulting from completion
of the Drilling Program is sufficient to run the Facility at a minimum of 10 MW
net output.) shall have been satisfied prior to February 1, 2007, then the
annualized internal rate of return discussed in the sixth and seventh line of
this definition shall be *** .”

1 

***Certain portions of this exhibit have been omitted and filed
separately with the Commission pursuant to a request for confidential treatment
under Rule 24b-2 promulgated under the Securities Exchange Act of 1934, as
amended. 

     (b) A new definition of “Other Income”
is hereby added to Article II to read as follows:

     ““Other Income” means any
proceeds realized from the sale, transfer or other use of any of the steam or
water derived from the geothermal resources from the Project after such steam or
water has been used for the generation of electricity (or available for use in
the event the Project is not at such point generating electricity).”

      (c) Section 9.2(i) is hereby
deleted and replaced by Section 9.2(i) and (j) to read as follows:

     “(i) Notwithstanding anything in
this Section 9.2 to the contrary, in any Fiscal Year, all items of gross income
of the Company attributable to the receipt of Other Income by the Company shall
be allocated, and all Available Cash which results from such Other Income in
that Fiscal Year shall be distributed, *** to Member A and *** to Member B.

     (j) Notwithstanding anything in
this Section 9.2 to the contrary, the allocations made pursuant to this Article
IX are intended to comply with Section 704(b) of the Code and the Treasury
Regulations promulgated thereunder. The parties hereto shall work together to
amend this Agreement (including this Article IX and Article X), if necessary, to
comply with this Section 9.1(j).”

    (d) Schedule 5 is deleted in its entirety
and replaced by the following:

Schedule 5 
Member A Capital Contributions 

	Date to be Made 	Amount of Capital Contribution ($)
  
	November 7, 2006 	12,550,000 
	February 2, 2007 	10,908,000 
	May 2, 2007 	7,535,000 
	August 2, 2007 	3,177,000 

     2.2. Full Force and Effect.
Except as expressly modified by this Amendment, the LLC Agreement shall remain
in full force and effect. Each reference in the LLC Agreement to this Agreement
or hereto or hereunder, and each reference in the other Project Documents to the
LLC Agreement (however expressed), shall mean the LLC Agreement as amended by
this Amendment, unless the context otherwise requires.

	3. 	CONDITIONS PRECEDENT

     This Amendment shall be effective
as of the date first written above on the date that this Amendment shall be
executed by all of the parties identified in the signature pages hereto.

2 

***Certain portions of this exhibit have been omitted and filed
separately with the Commission pursuant to a request for confidential treatment
under Rule 24b-2 promulgated under the Securities Exchange Act of 1934, as
amended. 

	4. 	MISCELLANEOUS 

     4.1. Waiver of Jury Trial.
EACH OF THE PARTIES TO THIS AMENDMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A
TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR
RELATING TO THIS AMENDMENT.

     4.2. Severability.
Wherever possible, each provision of this Amendment shall be interpreted in such
manner as to be effective and valid under Applicable Law, but if any provision
of this Amendment shall be prohibited by or invalid under Applicable Law, such
provision shall be ineffective to the extent of such prohibition or invalidity,
without invalidating the remainder of such provision or the remaining provisions
of this Amendment.

     4.3. Binding Effect;
Benefits. This Amendment shall be binding upon, and inure to the benefit of,
the successors of the Company and each Member and the assigns, transferees and
endorsees of each Member.

     4.4. Conflict of Terms.
Except as otherwise provided in this Amendment, if any provision contained in
this Amendment is in conflict with, or inconsistent with, any provision in any
of the other Project Documents, the provision contained in this Amendment shall
govern and control.

     4.5. Governing Law. This
Amendment shall be governed by, and construed and enforced in accordance with,
the laws of the State of Delaware applicable to contracts made and performed in
such state.

     4.6. Section and Other
Headings. The section and other headings contained in this Amendment are for
reference purposes only and shall not affect the meaning or interpretation of
this Amendment.

     4.7. Counterparts. This
Amendment may be executed in any number of counterparts, each of which shall be
deemed to be an original and all of which together shall be deemed to be one and
the same instrument.

[SIGNATURE PAGES FOLLOW] 

3 

***Certain portions of this exhibit have been omitted and filed
separately with the Commission pursuant to a request for confidential treatment
under Rule 24b-2 promulgated under the Securities Exchange Act of 1934, as
amended. 

     IN WITNESS WHEREOF, the Company
and the Members have executed this Amendment as of the day and year first above
written 

	 	COMPANY 
	 	 
	 	RAFT RIVER ENERGY LLC 
	 	 
	 	By: 	/s/
      Daniel Kunz 
	 	  	Name: Daniel Kunz 
	 	 	Title: CEO  
	 	  	  
	 	MEMBERS 
	 	 
	 	RAFT RIVER ENERGY LLC 
	 	 
	 	By: 	 
    
	 	  	Name: 
	 	  	Title: 
	 	 	 
	 	U.S. GEOTHERMAL INC. 
	 	 
	 	By: 	/s/
      Daniel Kunz 
	 	  	Name: Daniel Kunz 
	 	 	Title: CEO  

4Filed by Automated Filing Services Inc. (604) 609-0244 - Aqua Society, Inc. - Exhibit 10.16

	Technische Unternehmensberatung 
	DR. OSER 
	PARTNER IN TECHNIK 
	 

Technical Consulting for innovative power generation

	Obtaining drinking water from the atmosphere
  
	Power from waste heat/ low temperature heat
  
	Reverse cycle heating systems
  
	Mechanical laboratory/ pilot plant station / testing
  
	Further applications and designs 

QUOTATION No. 3036/ 05

	Client: 	Aqua Society GmbH 
	  	Innovative Systemoptimierungen 
	  	Konrad-Adenauer-Str. 9-13 
	 	46699 Herten 
	  	  
	Project manager: 	Mr. Hubert Hamm, Graduate Engineer 
	  	Managing director 
	  	  
	  	  
	  	  
	Service focus: 	Innovative management 

Dr. E. Oser

Cologne, December 2, 2005

 

	 	 	 
	Dr. E. Oser/Partner in Technik 	           
         Cologne Office: 	  
	               
                         
       Hansaring 145 + 147 	Tel.: 0221/97 30 48-0 	Email: dr.oser@dr-oser.de 
	  	  	  
	Cologne Aachen Jena 50670 Cologne 	Fax: 0221/97 30 48-22 	Internet: http://www.dr-oser.de

 

	Technische Unternehmensberatung 
	DR. OSER 
	PARTNER IN TECHNIK 
	 

Page 2 of 6

1.          
Initial situation/ task

The firm Aqua Society is a machine and systems manufacturing
company active in the sectors water, refrigeration and energy. The company has
specialized in combining proven technologies into innovative system solutions.
The objective consists of developing products, which significantly improve upon
traditional system solutions in terms of technical performance and
usability.

A system design for obtaining drinking water from the
atmosphere, in which moisture is drawn from a stream of air through a cooling
process, has led to ideas being considered for energy saving systems in the area
of refrigeration technology, which at the same time result in promising system
applications in the field of efficient energy technology.

These ideas were developed in the context of the ongoing
consulting assignment of the Technische Unternehmensberatung Dr. OSER/Partner in
Technik together with its partners. These ideas have resulted in various
applications for industrial property rights, which have since then also been
expanded to international applications, and which will probably be granted
following the first inspections.

Aqua Society is interested in further developing these patented
technologies into saleable products and in manufacturing and marketing the
corresponding systems itself. For this work, a pilot plant station was set up
together with Dr. OSER/Partner in Technik and the firm VacuTec GmbH in which the
first prototype systems can be examined.

Through contact with private investors and the increase of available
  funds, the conceptual and development work will be increasingly continued. Dr.
  OSER/Partner in Technik will participate in this work in the context of technical
  consulting. The objective of the work to be completed is a speedy realization
  of the designs at hand into saleable solutions as well as the realization of
  prototype systems, to demonstrate the innovative technology to interested parties.

	 	 	 
	Dr. E. Oser/Partner in Technik 	             
       Cologne Office: 	  
	                 
                         Hansaring
      145 + 147 	Tel.: 0221/97 30 48-0 	Email: dr.oser@dr-oser.de 
	  	  	  
	Cologne Aachen Jena 50670 Cologne 	Fax: 0221/97 30 48-22 	Internet: http://www.dr-oser.de 

 

	Technische Unternehmensberatung 
	DR. OSER 
	PARTNER IN TECHNIK 
	 

Page 3 of 6

2.          
Planned work/ approach

Dr. OSER/ Partner in Technik shall take on partial projects,
technical planning, design and coordination tasks. The partial tasks, Dr.
OSER/Partner in Technik will also participate in the design and implementation
of tests, to be closely coordinated with the client.

Additionally, Dr. OSER/Partner in Technik shall perform work in
connection with the preparation and application for industrial property
rights.

In coordination with the client, he shall also look after
possibilities of obtaining public subsidies for development work to be
completed. This includes potential cooperation with connected research
facilities or other cooperation partners.

In accordance with the current planning stage, which has been
coordinated with the management of Aqua Society GmbH, technical consulting for
the calendar year 2006 shall consist of the following work priorities:

	AS1 	
      Developing new technical solutions 

	 	
       

		
      The “basic innovations” for which patent applications
      have been filed contain the beginnings of continuative technical
      solutions. 

	 	
       

		
      In the context of relevant fields of application for Aqua
      Society GmbH, point out new solutions, which have potential in terms of
      commercial realization. 

	 	
       

	  	
      Estimated amount of
      work:                                                                                                                        
      2.0 man months 

	 	
       

	AS2 	
      Technical designs, calculations, presentations 

	 	
       

		
      In connection with the development of the prototype
      systems, carry out technical planning and design work. 

	 	
       

		
      For the demonstration of innovative technologies for
      potentially interested parties, prepare appropriate and targeted
      presentations. 

	 	
       

	  	
      Estimated amount of
      work:                                                                                                                        
      2.0 man months 

	 	
       

	AS3 	
      Definition, preparation and development and elaboration
      of industrial property rights applications, overseeing cooperation with a
      patent attorney. 

	 	
       

		
      The technology to be implemented by Aqua Society shall be
      protected by industrial property rights. 

 

	 	 	 
	Dr. E. Oser/Partner in Technik 	             
       Cologne Office: 	  
	                 
                         Hansaring
      145 + 147 	Tel.: 0221/97 30 48-0 	Email: dr.oser@dr-oser.de 
	  	  	  
	Cologne Aachen Jena 50670 Cologne 	Fax: 0221/97 30 48-22 	Internet: http://www.dr-oser.de 

 

	Technische Unternehmensberatung 
	DR. OSER 
	PARTNER IN TECHNIK 
	 

Page 4 of 6

This applies primarily to the following fields of
application:

	Water from atmospheric systems
  
	Refrigeration and cooling systems
  
	Power from waste heat/ low temperature heat
  
	Reverse cycle heating systems 

The applications of interest from a technological
  and financial perspective are to be pinpointed, the trademark rights to be defined
  and the corresponding applications to be dealt with, which includes coordination
  with a patent attorney’s office employed by Aqua Society GmbH.

Estimated amount of work:                                                                                                                                      
  2.0 man months 

	AS4 	 Utilization of public subsidies
      

	  	  

		 It has been agreed that for
        the development work to be completed, for the construction of the prototype
        systems and the carrying-out of tests, public subsidies shall be utilized
        to the greatest extent possible. 

	  	  

		 In coordination with the client,
        Dr. OSER/Partner in Technik shall point out possible subsidies and look
        after the required applications in each instance. This shall include coordinating
        and/ or including external research facilities or agencies with know-how.
      

	  	  

	  	 Estimated amount of work:                                                                                                                        
        2.0 man months 

	  	  

	AS5 	 Marketing strategies, external
        contacts 

	  	  

		 To market the technologies to
        be newly developed, strategies will be jointly developed and priorities
        will be set. It has been agreed that for the various applications, demonstration
        systems with clients will be the first objective. These offer on the one
        hand the potential of further investigation in practice during operation,
        and on the other hand the potential of presenting the technical efficiency
        to potentially interested parties. 

	  	  

		 The completion of this work
        will be coordinated with the client’s employees, who are responsible
        for sales and marketing. 

	  	  

	  	 Estimated amount of work:                                                                                                                        
        1.6 man months 

	  	  

	AS6 	 Continuative expansion of the
        technology specific mechanical laboratory and pilot plant station. 

	  	  

		 The mechanical laboratory set
        up to conduct examinations of the prototype systems requires technical
        infrastructure, for which set up began in the 2005 calendar year. 

 

	 	 	 
	Dr. E. Oser/Partner in Technik 	             
       Cologne Office: 	  
	                 
                         Hansaring
      145 + 147 	Tel.: 0221/97 30 48-0 	Email: dr.oser@dr-oser.de 
	  	  	  
	Cologne Aachen Jena 50670 Cologne 	Fax: 0221/97 30 48-22 	Internet: http://www.dr-oser.de 

	Technische Unternehmensberatung 
	DR. OSER 
	PARTNER IN TECHNIK 
	 

	  	Page 5 of 6 
	 	 
		
      This infrastructure shall be expanded in joint planning
      work. This applies primarily to power generation systems as well as to
      measurement facilities to monitor and control the testing program.
  

	 	
       

	  	
      Estimated amount of
      work:                                                                                                                        
      1.5 man months 

	 	
       

	AS7 	
      Participation in the project implementation
  

	 	
       

		
      One of the current first priorities of activities for the
      2006 calendar year are projects relating to power generation utilizing
      biogas systems. There are continuative designs thereto relating to
      preventing fermentation remnants and improving the energy yield.

	 	
       

		
      For these kinds of projects, planning and coordinating
      tasks shall be taken on. Besides the technical responsibilities the work
      shall also extend to permit/ licensing applications or the utilization of
      public subsidies. 

	 	
       

	  	
      Estimated amount of
      work:                                                                                                                        
      2.5 man months 

	 	
       

	AS8 	
      New solutions, further innovations 

	 	
       

	  	
      In the fields of application relevant for Aqua Society
      GmbH 

	 	•	Refrigeration, cooling technology 
	 	•	Heat from atmospheric systems 
	 	•	Power from waste heat/ low temperature heat 

		 New ideas for solutions will
        be developed based on the existing designs, which could lead to saleable
        products and system designs. This work is tied to the ongoing considerations
        at Aqua Society GmbH regarding marketing strategies and developing marketing
        concepts. 

	 	 

		 This area of responsibility also
        includes the ongoing investigation of promising industrial trademark rights,
        to secure the market position of Aqua Society GmbH in such innovative
        areas of application. 

	 	  

	 	 Estimated
        amount of work:                                                                                                                        
        2.0 man months 

	 	  

	 	 Estimated total amount of
        work (AS1-AS8):                                                                                         16.0
        man months 

 

	 	 	 
	Dr. E. Oser/Partner in Technik 	             
       Cologne Office: 	  
	                 
                         Hansaring
      145 + 147 	Tel.: 0221/97 30 48-0 	Email: dr.oser@dr-oser.de 
	  	  	  
	Cologne Aachen Jena 50670 Cologne 	Fax: 0221/97 30 48-22 	Internet: http://www.dr-oser.de 

 

	Technische Unternehmensberatung 
	DR. OSER 
	PARTNER IN TECHNIK 
	 

Page 6 of 6

3.          
Work, time and expense plan

Technical consulting will be closely coordinated with Mr.
Hubert Hamm, Graduate Engineer, Managing director of Aqua Society GmbH.

The professional consulting fees are estimated based on agreed
upon lump sum monthly fees. The estimated fees include on the one hand the
ongoing work of Dr. E. Oser as well as any additional scientific employees of
Dr. OSER/Partner in Technik.

Estimated monthly fee: 

	January 1 to March 31, 2006 	Euro 20,000 / month 
	April 1 to December 31, 2006 	Euro 25,000 / month 

Total estimated fee for the calendar year 2006: Euro
285,000.

[Translator’s note: 2 lines illegible text relating to
statutory tax].

Payment terms: NET 14 days.

 

Cologne, 05/12/2005

Dr. OSER/Partner in Technik

[Signature] 
(Dr. E. Oser)

We agree and hereby
 accept this
quotation:

Herten, [Handwriting: December 12,
2005]

Aqua Society GmbH

[Signature]

  (Hubert Hamm, Graduate Engineer) 

  Managing director

 

	 	 	 
	Dr. E. Oser/Partner in Technik 	             
       Cologne Office: 	  
	                 
                         Hansaring
      145 + 147 	Tel.: 0221/97 30 48-0 	Email: dr.oser@dr-oser.de 
	  	  	  
	Cologne Aachen Jena 50670 Cologne 	Fax: 0221/97 30 48-22 	Internet: http://www.dr-oser.de

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