Nevada Geothermal Power closes $98.5 million loan with John Hancock

By Lisa Kerner

Charlotte, N.C., Sept. 7 - Nevada Geothermal Power Inc. closed a $98.5 million loan with lead lender John Hancock Financial Services.

The blended interest rate for the loan is 4.14%.

Fitch Ratings assigned the loan a BB+ credit rating.

The U.S. Department of Energy is the loan guarantor for 80% of the loan amount, or $78.8 million, a company news release said.

Closing the loan represents a major milestone in the company's development of the Blue Mountain project, according to Nevada Geothermal president and chief executive officer Brian Fairbank.

Nevada Geothermal said it is the first renewable power development company to complete a loan guarantee through the Department of Energy's Financial Institution Partnership Program, which is supported by the 2009 American Recovery and Reinvestment Act.

Nevada Geothermal is a renewable energy company based in Vancouver, B.C.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.