In connection with the financial closing, Ormat will add $254.0 million to its product backlog related to the Ormat Energy Converters it will supply to the plant. Ormat expects begin recognizing revenues from this contract in the second half of 2014.
The Japan Bank for International Cooperation, the Asian Development Bank and six commercial banks provided the Sarulla project financing, which was announced on March 28, 2014. Ormat holds a 12.75% equity stake in the project, with other equity participants being Medco, Itochu and Kyushu.
GRC Patron Member Ormat will be one of the exhibitors at the GRC Annual Meeting & GEA Energy Expo, to be held September 28 - October 1 at the Oregon Convention Center, Portland, Oregon, USA.
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