Ormat financed the new 36 MWe plant, as well as the first two phases of the complex completed in 2000 and 2009, with a $265 million debt facility provided by the Overseas Private Investment Corporation (OPIC).
Ormat also plans to add an additional 16 MWe of generation at Olkaria III by building a third plant, which it expects to complete in 2014. OPIC will also finance the construction of Plant 3 with another $45 million debt facility. Once Plant 3 is complete, total capacity at the Olkaria III complex will reach approximately 100 MWe. The power generated in the Olkaria III complex is sold under a 20-year Power Purchase Agreement (PPA) with Kenya Power and Lighting Company Limited (KPLC).
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