Sierra Geothermal Power Corp. (TSX VENTURE:SRA) ("SGP") is pleased to announce
that on January 5, 2010, one of its shareholders exercised 5,000,000 warrants at
an exercise price of $0.27 for gross and net proceeds of $1,350,000. SGP intends
to use the proceeds for ongoing exploration and general corporate purposes.


"As these warrants were two-year warrants issued in August 2009, we interpret
the early exercise of these warrants by a major shareholder as a tremendous vote
of confidence in our Company and our short term objective which is to advance at
least 50 megawatts to bankable feasibility during 2010," said Gary Thompson,
President and CEO.


In addition, SGP granted 10-year incentive stock options as follows:

- On December 1, 2009, SGP granted 36,000 incentive stock options to an
employee. The incentive stock options are exercisable at $0.34 per option;


- On December 18, 2009, SGP granted 75,000 incentive stock options to a
director. The incentive stock options are exercisable at $0.27 per option and
vested immediately;


- On December 18, 2009, SGP granted an aggregate of 50,000 incentive stock
options to certain employees. The incentive stock options are exercisable at
$0.27 per option.


As a result of the exercise of these warrants and granting of options, SGP now
has 133,315,732 common shares outstanding, 49,608,028 warrants, and 5,671,336
incentive stock options.


About Sierra Geothermal Power Corp.

Sierra Geothermal Power Corp. is a renewable energy company focused on the
exploration and development of clean, sustainable geothermal power. It is based
in Vancouver, British Columbia and listed on the TSX Venture Exchange under the
symbol SRA. Its portfolio of geothermal projects located in Nevada and
California exceeds 365 square kilometres (90,000 acres) and has a combined total
estimated capacity of greater than 500 MW. SGP intends to finance development by
utilizing a combination of corporate equity, joint venture partnerships and
project debt, with the support of US government grants and loan guarantees. To
find out more about Sierra Geothermal Power Corp. (TSX-V: SRA) visit our website
at www.sierrageopower.com.


On behalf of the Board of Directors

Gary Thompson, P.Geo, President, Chief Executive Officer and Director

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

This press release contains forward-looking statements. Forward-looking
statements are projections of events, revenues, income, future economic
performance or management's plans and objectives for future operations. In some
cases you can identify forward-looking statements by the use of terminology such
as "may", "should", "anticipates", "believes", "expects", "intends",
"forecasts", "plans", "future", "strategy", or words of similar meaning.
Forward-looking statements in this press release include statements about SGP's
intent to use the proceeds for ongoing exploration and general corporate
purposes, its overall plan for its Tier One projects, which is to advance at
least 50 megawatts to bankable feasibility during 2010, and its intent to
finance the development of its projects through a combination of corporate
equity, joint venture partnerships and project debt with the support of U.S.
government grants and loan guarantees. These statements are only predictions and
involve known and unknown risks, uncertainties and other factors, including the
risks inherent in our industry, the challenging capital markets and other risks
identified by us in our periodic filings on SEDAR (which can be viewed at
www.sedar.com). Any of these risks could cause our or our industry's actual
results, levels of activity, performance or achievements to be materially
different from any future results, levels of activity, performance or
achievements expressed or implied by these forward-looking statements.


While these forward-looking statements and any assumptions upon which they are
based are made in good faith and reflect our current judgment regarding the
direction of its business, actual results will almost always vary, sometimes
materially, from any estimates, predictions, projections, assumptions or other
future performance suggested in this press release. Except as required by
applicable law, including the securities laws of Canada, we do not intend to
update any of the forward-looking statements to conform these statements to
actual results.
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