Ormat subsidiary completes $105 million project financing loan

By Sara Rosenberg

New York, March 9 - Ormat Technologies Inc.'s subsidiary OrPower 4 Inc. concluded the closing under its up to $105 million 10-year project financing loan, according to an 8-K filed with the Securities and Exchange Commission on Monday.

Deutsche Investitions und Entwicklungsgesellschaft acted as the lead bank on the deal.

Pricing on the facility is Libor plus 400 basis points.

The first borrowing of about $90 million under the loan is expected to occur within the next two weeks.

Proceeds will be used to refinance Ormat's investment in the Olkaria III geothermal project located in Naivasha, Kenya.

Ormat is a Reno, Nev.-based vertically integrated company primarily engaged in the geothermal and recovered energy power business.

© 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.