RENO, Nev., Aug. 27, 2012 /PRNewswire/ -- Ormat Technologies,
Inc. (NYSE: ORA) announced today that OrPower 4, Inc., its indirect
wholly owned subsidiary, and the Overseas Private Investment
Corporation (OPIC), an agency of the United States Government,
signed a Finance Agreement for limited-recourse project financing
totaling up to $310 million for the
Olkaria III geothermal power complex located in Naivasha,
Kenya.
(Logo:
http://photos.prnewswire.com/prnh/20040422/LATH066LOGO)
Phase I of the existing power plant commenced commercial
operation in 2000 and was incorporated into phase II of the
existing power plant in January 2009.
Since then, the facility has been in continuous, successful
operation.
The OPIC loan is comprised of two tranches aggregating up to
$265 million, with a final maturity
of approximately 18 years. The loan will be used to pay costs
of the existing facility and fund construction and well field
drilling for the expansion of the Olkaria III geothermal power
complex which could generate up to 84 MW. The Finance Agreement
also includes a standby tranche of up to $45
million in the event OrPower 4 elects to construct a further
expansion of up to 16 MW.
Disbursements of the OPIC loan are subject to fulfillment of
customary conditions precedent for funding, which Ormat expects to
satisfy over the next few weeks.
"This loan will enable us to expand the Olkaria III geothermal
power complex in order to help meet the electricity demand in
Kenya by providing base-load,
sustainable geothermal energy," said Dita Bronicki, Ormat's chief
executive officer. "We appreciate OPIC's recognition of the
importance of this project and their commitment to work with us on
this financing. We look forward to a fruitful relationship with
OPIC as our lender in Olkaria and elsewhere."
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 82 U.S. patents. Ormat has engineered and built power plants
that it currently owns or has supplied to utilities and developers
worldwide, with over 1,500 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, McGinness Hills, Ormesa, Puna, Steamboat, Tuscarora, 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 29, 2012.
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:
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Dita
Bronicki
|
Todd
Fromer/Rob Fink
|
CEO
|
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.