Ormat Completes Final Drawdown of Olkaria III Funding (NASDAQ)
Ormat Technologies, Inc. announced today that OrPower 4 Inc., its wholly owned subsidiary, drew down the remaining $45 million available under its project finance facility with
Overseas Private Investment Corporation (OPIC). This drawdown will be used to complete the final phase of construction at the Olkaria III complex in Naivasha, Kenya, bringing the geothermal power plant capacity to over 100 MW.
The $45 million drawdown comprises Tranche III of the previously announced
$310 million project finance facility with OPIC. The drawdown of Tranche III has a fixed interest rate of 6.12%. This, together with the earlier conversion of Tranches I and II to a fixed interest rate, as reported July 15, 2013, eliminates any exposure under the facility to movements in market interest rates.
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