Ormat Technologies Announces $42 Million Senior Debt Financing for the Amatitlan Geothermal Power Plant in Guatemala
21 Maio 2009 - 6:39PM
PR Newswire (US)
RENO, Nev., May 21 /PRNewswire-FirstCall/ -- Ormat Technologies,
Inc. (NYSE:ORA) announced today that on May 18, 2009, its
wholly-owned subsidiary, Ortitlan Limitada, signed a Note Purchase
Agreement with TCW Global Project Fund II, Ltd., an energy and
infrastructure investment vehicle managed by TCW Energy and
Infrastructure Group (part of TCW Asset Management Company),
providing for the issuance of up to $42 million to refinance
Ormat's investment in the 20 MW Amatitlan geothermal power plant
located in Amatitlan, Guatemala. (Logo:
http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGO) The
closing of the sale and purchase of the Note under the Note
Purchase Agreement and the payment of the Note purchase price
proceeds to Ortitlan Limitada were consummated on May 21, 2009. The
Note is scheduled to mature on June 15, 2016. Ormat initially
financed the development and construction of the project, as well
as the drilling of wells, from internal funding sources. The power
plant currently generates approximately 17MW and is scheduled to
reach its design capacity towards the end of the second quarter of
2009, upon the connection of an additional well that was recently
drilled. "We are pleased with the competitive terms of the
financing that we have secured for this power plant," commented
Dita Bronicki, Chief Executive Officer of Ormat. "Guatemala in
general, and the Amatitlan resource in particular, have potential
for additional geothermal energy production. The terms of the
financing that we have secured are typical non-recourse project
finance, but enable us to proceed with the development of phase II
expansion of the project in coordination with TCW once we determine
that the resource can support it." About Ormat Technologies Ormat
Technologies, Inc. is the only vertically-integrated company
primarily engaged in the geothermal and recovered energy power
business. The Company designs, develops, owns and operates
geothermal and recovered energy-based power plants around the
world. Additionally, the Company designs, manufactures and sells
geothermal and recovered energy power units and other
power-generating equipment, and provides related services. The
Company has more than four decades of experience in the development
of environmentally-sound power, primarily in geothermal and
recovered-energy generation. Ormat products and systems are covered
by 75 U.S. patents. Ormat has built over approximately 1,200 MW of
power plants, half for its own account and half as supplies to
utilities and other developers. Ormat's current generating
portfolio includes the following geothermal and recovered
energy-based power plants: in the United States - Brady, Heber,
Mammoth, Ormesa, Puna, Steamboat, OREG 1, OREG 2 and Peetz; in
Guatemala - Zunil and Amatitlan; in Kenya - Olkaria; in Nicaragua -
Momotombo and in New Zealand - GDL. Safe Harbor Statement
Information provided in this press release may contain statements
relating to current expectations, estimates, forecasts and
projections about future events that are "forward-looking
statements" as defined in the Private Securities Litigation Reform
Act of 1995. These forward-looking statements generally relate to
Ormat's plans, objectives and expectations for future operations
and are based upon its management's current estimates and
projections of future results or trends. Actual future results may
differ materially from those projected as a result of certain risks
and uncertainties. For a discussion of such risks and
uncertainties, see "Risk Factors" as described in Ormat
Technologies, Inc.'s Annual Report on Form 10-K filed with the
Securities and Exchange Commission on March 2, 2009 These
forward-looking statements are made only as of the date hereof, and
we undertake no obligation to update or revise the forward-looking
statements, whether as a result of new information, future events
or otherwise. Ormat Technologies Contact: Investor Relations
Contact: Dita Bronicki Todd Fromer / Marybeth Csaby CEO KCSA
Strategic Communications 775-356-9029 212-896-1215 / 212-896-1236 /
http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGO
http://photoarchive.ap.org/ DATASOURCE: Ormat Technologies, Inc.
CONTACT: Dita Bronicki, CEO of Ormat Technologies, Inc.,
+1-775-356-9029, ; or Investors, Todd Fromer, +1-212-896-1215, , or
Marybeth Csaby, +1-212-896-1236, , both of KCSA Strategic
Communications for Ormat Technologies, Inc. Web Site:
http://www.ormat.com/
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