RENO, Nev., Oct. 31, 2011 /PRNewswire/ -- Ormat Technologies,
Inc. (NYSE: ORA) today announced that its wholly-owned indirect
subsidiaries, OFC 2 LLC and its project subsidiaries (the
"Issuers"), issued $151,739,500.00 in aggregate principal amount of
their 4.687% Series A Notes due December 31,
2032.
(Logo:
http://photos.prnewswire.com/prnh/20040422/LATH066LOGO)
The Series A Notes are guaranteed as to 80% of principal and
interest thereon by the U.S. Department of Energy in accordance
with and subject to the Department's Loan Guarantee Program under
Section 1705 of Title XVII of the Energy Policy Act of 2005.
The Series A Notes were issued under that certain Note Purchase
Agreement, dated as of September 23,
2011, by and among the Issuers, OFC 2 Noteholder Trust, the
U.S. Department of Energy, and John Hancock Life Insurance Company
(U.S.A.), as Administrative
Agent.
Proceeds of the Series A Notes will be used for the construction
of Ormat's Tuscarora and McGinness
Hills geothermal power plants, which are scheduled to be built in
two phases, with the capacity of the first phase expected to be up
to approximately 48 MW.
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 80 U.S. patents. Ormat has engineered and built power plants,
that it currently owns or has supplied to utilities and developers
worldwide, totaling approximately 1370 MW of gross capacity.
Ormat's current generating portfolio includes the following
geothermal and recovered energy-based power plants: in the United States - Brady, Brawley, Heber,
Jersey Valley, Mammoth, Ormesa, Puna, Steamboat, OREG 1, OREG 2,
OREG 3 and OREG 4; in Guatemala -
Zunil and Amatitlan; in Kenya -
Olkaria III; and, in Nicaragua -
Momotombo.
Ormat's 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 February 28, 2011.
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:
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Investor Relations
Contact:
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Dita Bronicki
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Todd Fromer/ Rob Fink
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CEO
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KCSA Strategic
Communications
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775-356-9029
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212-896-1215 (Todd)
//212-896-1206 (Rob)
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dbronicki@ormat.com
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tfromer@kcsa.com
/ rfink@kcsa.com
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SOURCE Ormat Technologies, Inc.