Ormat Industries Ltd. (TASE: ORMT) units in the US have raised $151,739,500 in debt. Ormat Technologies Inc. (NYSE: ORA) subsidiary OFC 2 LLC will use the proceeds to build the Tuscarora and McGinness Hills geothermal power plants in Nevada.
The plants will be built in two stages. The first stage will have a capacity of 48 megawatts.
80% of the bonds' principle is guaranteed by the US Department of Energy through its Loan Guarantee Program under Section 1705 of Title XVII of the Energy Policy Act of 2005. John Hancock Life Insurance Company is the administrative agent. The bonds will mature on December 31, 2032.
Ormat Technologies' share price fell 2.9% in New York yesterday to $18.99, giving a market cap of $862.7 million, and Ormat Industries' share price fell 0.2% in early trading on the TASE today to NIS 22.10, giving a market cap of NIS 2.6 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on November 1, 2011
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