26 Sep '11, 9am

Ormat finalises $350m loan for Nevada geothermal plants

Dita Bronicki, CEO of Ormat Technologies, said, ‘Support from the 1705 programme enables us to expand our geothermal portfolio in the US under financing terms for the two-phase structure of the project that we would otherwise not obtain in the private markets. Over the long term, we consider this loan to be a favourable financing instrument which will decrease our financing costs. We appreciate the Loan Programmes Office leadership and expertise during its careful and thorough review of our application and are thankful to John Hancock Life Insurance Company for its support of geothermal development that will bring additional baseload and reliable capacity to the national grid.’

Full article: http://www.newenergyworldnetwork.com/investor-news/renewa...

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