Gradient Resources Inc., recently completed a $155M financing for construction of the first phase of its Patua Geothermal Project. Initial work at the Patua site, located near Fernley, Nevada, began in 2011.
The lending group, led by Union Bank, N.A., included Canadian Imperial Bank (CIBC), ING Capital LLC, and Siemens Financial Services.
The Patua Project will proceed in phases, the first being 30 MWe, under a Power Purchase Agreement (PPA) with Sacramento Municipal Utility District (SMUD). Gradient’s Patua plant will become operational and is set to deliver power to the grid in September of 2013.
