Ormat Technologies Signs a $105 Million Long-Term Senior Debt Financing for the Olkaria III Geothermal Power Project in Kenya
08 Janeiro 2009 - 7:00AM
PR Newswire (US)
RENO, Nev., Jan. 8 /PRNewswire-FirstCall/ -- Ormat Technologies,
Inc. (NYSE:ORA) announced today that on January 5, 2009, its
wholly-owned subsidiary, Orpower 4, Inc., signed loan documents for
project financing of up to $105 million to refinance Ormat's
investment in the 48 MW Olkaria III geothermal power plant located
in Naivasha, Kenya. Ormat financed construction of Phase I and
Phase II of the project, as well as the drilling of wells, by
investing approximately $150 million from its own internal sources.
(Logo: http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGO )
Phase II expansion of the project added 35 MW in December 2008,
bringing the project to its target capacity of 48 MW. The
electricity generated is sold to Kenya Power & Light Company
(KPLC) under a 20-year Power Purchase Agreement. The 10-year
project finance loan for the project of $105 million is to be
provided by a group of European Development Finance Institutions
(EDFIs) arranged by Deutsche Investitions- und
Entwicklungsgesellschaft mbH ("DEG"). In addition to the German
DEG, others in the lender group include: Societe de Promotion et de
Participation pour la Cooperation Economique, Emerging Africa
Infrastructure Fund Limited and Nederlandse Financierings
Maatschappij Voor Ontwekkelingslanden N.V. Furthermore, a portion
of the funds provided for the loans will come from KfW
Entwicklungsbank (KfW Development Bank) and from the European
Financing Partners, a financing vehicle of 13 European Development
Finance Institutions and the European Investment Bank (EIB). DEG
will also act as global agent for the lender group. OrPower 4 and
its lending group are now finalizing the security documents in
support of the financing. Loan proceeds are expected to be paid in
two disbursements during the first half of 2009 following
fulfillment of certain conditions precedent set forth in the loan
documents. "Having completed the second phase of construction at
Olkaria III and adding 35 MW of base load capacity in Kenya, Ormat
feels rewarded to have reached this significant milestone of
signing the main financing documents for the project," said Dita
Bronicki, Ormat's CEO. "We appreciate the confidence of Europe's
leading Development Finance Institutions in Ormat and its
demonstration of real commitment to Public Private Partnerships in
developing Renewable Energy in Africa and in particular, Geothermal
Energy Projects in the Rift Valley. We look forward to finalizing
the remaining documents for the financing, and to be able to meet
the conditions precedent to disbursement and drawdown on the loans
as quickly as possible," concluded Dita Bronicki. "We are proud to
support Ormat, a distinguished partner with exceptional knowledge
and a proven track record. With this project, DEG boosts the
utilization of renewable energies in Kenya, a focus country of the
German development cooperation, thereby making a significant
contribution to climate protection with a signaling effect for the
region. Climate protection is an important business area of DEG, as
well as private-sector promotion in Africa," said Dr Winfried
Polte, Chairman of DEG's Board of Management. 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 more than 75 U.S. patents. Ormat current
generating portfolio includes the following geothermal and
recovered energy-based power plants: in the United States - Brady,
Heber, Mammoth, Ormesa, Puna, Steamboat and OREG 1; 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 5, 2008
and on Quarterly Report on Form 10-Q filed with the Securities and
Exchange Commission on November 6, 2008. 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 Web Site: http://www.ormat.com/
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