USA, Nevada:

Ormat Completes Financing for McGinness Hills Phase 2 (NASDAQ)

McGuiness (Little Power Plant in the Prairie)
by Haim Shoshan, Ormat Systems, Yavne, Israel

Ormat Technologies, Inc. today announced that its wholly-owned indirect subsidiary, OFC 2 LLC, and its project subsidiaries, have signed a $140 million loan to finance the construction of the McGinness Hills Phase 2 project in Nevada.

The plant is expected to come on line in the first half of 2015, bringing the complex's total capacity to approximately 70 MW. Ormat is selling energy produced at McGinness Hills to NV Energy under contract through December 2032.

This drawdown is the last tranche under the Note Purchase Agreement with John Hancock Life Insurance Company (USA) and guaranteed by the U.S. Department of Energy's Loan Programs Office in accordance with and subject to the Department's Loan Guarantee Program under Section 1705 of Title XVII of the Energy Policy Act of 2005.

Ormat Technologies, Inc. are exhibiting at the GEA Geothermal Energy Expo, being held in conjunction with the GRC Annual Meeting, September 28 - Ocober 1 at the Oregon Convention Center, Portland, Oregon, USA.

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