Ormat (ORA) Secures Financing For Kenyan Geothermal Project

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09:16:44 am on March 9, 2009

Ormat Technologies Inc. just announced that it has signed a financing agreement for the Olkaria III geothermal project in Naivasha, Kenya.The geothermal power plant produces 48 MW of power, approximately 6% of Kenya’s total energy output.

From GlobesOnline, here are the details of the financing agreement:

The first disbursement of approximately $90 million under the 10-year project finance loan is expected within the next two weeks. The lender group of European Development Finance Institutions (EDFIs) was arranged by Deutsche Investitions- und Entwicklungsgesellschaft mbH (DEG).

During an inauguration ceremony for the plant, the Kenyan Vice President H.E. Kolonzo Musyoka commented on the significance of the project and of Ormat’s participation in it, saying

"The $150 million injected into the project by Ormat is the largest single private sector investment in the power sector and is consistent with government policy to open the power sector to private participation." The vice p resident added, "I am also pleased to note that the green technology used in the Olkaria power plant, will help reduce the cost of electricity and help save the country 120,000 tons of imported oil."

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Comments  

can you tell me about Sonoma Grizzly Power? what is the stock abbreviation?

 

If you go to the link, it turns it out it’s not a company at all. Apparently some clever copywriter trying to entice people to buy stock tips on geothermal companies decided to “rename” geothermal energy and start calling it “Sonoma Grizzly Power.” I guess that does sound more exciting…

 
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