Geothermal energy firm Ormat Technologies Inc. (NYSE: ORA) said that it recently closed on $42 million funding to refinance a geothermal power plant investment in Guatemala.
Ormat's 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) which provided for the issuance of up to $42 million to refinance Ormat's investment in the 20 megawatt Amatitlan geothermal power plant located in Amatitlan, Guatemala.
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, upon the connection of an additional well that was recently drilled.
Shares in Ormat fell 0.49% to $36.27 on Friday, giving it a market cap of $1.64 billing.
Published by Globes [online], Israel business news - www.globes-online.com - on May 24, 2009
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