Ormat names debt provider funding of three projects

In Nevada, Ormat Technologies, Inc. announced that its subsidiary, Ormat Nevada Inc. has mandated John Hancock Life Insurance Company to arrange senior secured construction and term loan facilities under DOE loan Guarantee application of up to $350 million for three geothermal projects currently under construction in Nevada. The three projects are all in Nevada and are the McGinness Hills, Jersey Valley and Tuscarora geothermal projects. Between them, the three projects represent between 60 MW and 120 MW of generation capacity, depending on the final assessment of resource feasibility following completion of phase 1 construction and each project’s initial operating period. The first part of an application for a DOE loan guarantee was submitted on July 27th.