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)
A recent article from TheStockAdvisors.com shows the contributing editors from Stephen Leeb’s The Complete Investor focus on three Geothermal energy picks: Chevron (CVX), Calpine (CPN), and Ormat Technologies(ORA).
"Throughout the globe, heat is continually produced in a layer far below the earth’s crust. Large power plants can capture and use this steam to provide electricity on a fairly large scale. In Iceland, by some estimates, 50% of all energy needs are met through an alternative … Read the rest
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