Financing Agreements for 330 MW Sarulla Geothermal Project Signed (Wall Street Journal - News Release)
Ormat Technologies, Inc. announced today that members of the Sarulla Consortium comprising of Medco, Itochu, Kyushu and Ormat signed $1.17 billion project financing agreements to finance the development and construction of the 330 MWe Sarulla geothermal project in Tapanuli Utara, North Sumatra in Indonesia.
Closing is expected in the second quarter of 2014 subject to fulfillment of certain conditions. Upon closing, the consortium is expected to begin construction with the first phase to commence operation in 2016. The remaining two phases are scheduled to be in commercial operation within 18 months of the first phase.
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