Geothermal Digest » Finance

Calpine closes senior secured notes offering

admin — Sun, 25 Jul 2010 13:19:47 +0000

In Texas, Calpine Corp. announced the closing of $1.1 billion in aggregate principal amount of its 7.875% Senior Secured Notes due 2020 in a private placement. The net proceeds from the offering of the notes were used to repay a portion of existing term loan borrowings. The notes are guaranteed by each of Calpine’s current and future subsidiaries that is a guarantor under the company’s existing credit facility. The notes and related guarantees are secured equally and ratably with the indebtedness incurred under Calpine’s existing credit facility and other indebtedness that is permitted to be secured by such assets, and pretty much gets a first-priority lien on everything Calpine is and has.

Calpine, Ormat webcasts will feature 2nd quarter results

admin — Sun, 18 Jul 2010 14:50:38 +0000

In Texas and Nevada, Calpine Corp. and Ormat Technologies said they would be announcing second quarter results on or near the end of July. Calpine management will present their results during an investor call scheduled for 10 a.m. ET/9 a.m. CT on July 30, while a listen-only webcast of the call may be accessed through the company’s website at http://www.calpine.com or by dialing 888-857-6930 at least 10 minutes prior to the beginning of the call. Ormat will also make use of webcast technology with a scheduled a conference call to discuss the results at 10:00 A.M. EDT on Thursday, August 5, also to be broadcast live as a listen-only webcast. To listen live, please go to http://www.ormat.com approximately twenty minutes before the conference call is scheduled to begin.

Magma makes credit deal with its CEO

admin — Sun, 11 Jul 2010 17:48:27 +0000

In Canada, Magma Energy Corp. said that it has entered into a credit agreement with company chairman and CEO Ross Beaty, where the company will borrow up to $10,000,000 to pay amounts coming due to Geysir Green Energy. Those payments are for the acquisition of shares of HS Orka, as well as to fund general working capital requirements of Magma. Interest at the rate of 8%/year, compounded daily, is payable monthly starting on July 30. In addition, a 1% standby fee and a 1.5% drawdown fee are payable in cash. The principal amount has already been advanced to the company to be used in connection with the acquisition of HS Orka shares.

Cygnet Capital to raise $2.3 million for Green Rock

admin — Sun, 04 Jul 2010 21:35:34 +0000

In Australia, Green Rock Energy Ltd. has signed an agreement with Cygnet Capital to raise $2.29 million. Cygnet will lead a placement of 70 million ordinary shares to raise a total of $91 million at 1.3 cents per share split across two tranches. The company will also underwrite a non- renounceable rights offer of shares to investors on a one-for-three basis at 1.3 cents per share to raise approximately $1.4 million. Cygnet will be granted 25 million options, exercisable at about 1.7 cents per share, expiring on 30 June, 2013, on completion of the rights issue as part of its fee structure. All capital raised by Cygnet will be subject to a 6% fee.

Geothermal stocks among the month’s biggest gainers

admin — Sun, 27 Jun 2010 23:05:10 +0000

Geothermal stocks were up 10.5% over the last 30 days in the Tickerspy indexes, as the global economy pushes more for green energy. The best performers stocks were Nevada Geothermal up 26.5%, US Geothermal Inc., up 9.9%, and Ormat Technologies Inc., up 4.7%. However, some analysts remain skeptical, given that the sector has grown only 4% over the past five years, based on net electricity generation data from the U.S. Energy Information Administration.

Emerging Stock Report initiates coverage on U.S. Geothermal

admin — Sun, 20 Jun 2010 20:40:51 +0000

In Canada, Emerging Stock Report, which provides sector specific independent investment research, said that it has initiated coverage on U.S. Geothermal Inc. The company is currently offering a complimentary trial subscription to the investment community. Follow the link to view the report in its entirety.

World Bank Approves $330 Million Loan to Kenya

admin — Sun, 06 Jun 2010 20:28:56 +0000

In Kenya, the World Bank said it had approved a $330 million loan to Kenya to expand access to electricity in the country through its geothermal resources. Kenya has previously said it will set up a $2 billion revolving fund to lend those investing in geothermal, solar and wind electricity production projects. Geothermal is seen as an answer to Kenya’s reliance on hydroelectric power, which provides some 90% of its electricity requirements. Drought slashed capacity at Kenya’s main dams and the country will need over $1 billion in the next three years to tap its geothermal power potential.

Calpine closes of secured notes offering

admin — Mon, 31 May 2010 06:15:07 +0000

In Texas, Calpine Corp. closed on $400.0 million of its 8% senior secured sotes due 2019 in a private placement. The notes are guaranteed by each of the company’s current and future subsidiaries that is a guarantor under its existing credit facility. The net proceeds from the offering were used to repay a portion of the term loan borrowings under Calpine Corp.’s existing credit facility. The notes have not been and will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the U.S. without registration under the Securities Act or pursuant to an applicable exemption.

Raser releases first quarter revenues and project updates

admin — Sun, 23 May 2010 20:43:47 +0000

In Utah, Raser Technologies, Inc. said that during the three months ended March 31 had revenue of about $1.0 million compared to $0 in the same three months a year ago. Raser began selling electricity generated from its Thermo No. 1 plant to Anaheim, CA during the second quarter of 2009. During the first quarter of 2010, Raser generated about 11,543 MW hours of electricity, which was sold at a price of $79.56 per MW. Also in the first quarter, the company was selected as sole-source contractor under $1 million U.S. grant for geothermal study by Indonesia Power; awarded by U.S. Trade and Development Agency. The feasibility study began in April 2010 and covers a 100,000 acre concession, jointly owned by Raser and Indonesia Power.

Calpine prices senior secured notes

admin — Sun, 23 May 2010 19:54:45 +0000

In Texas, Calpine Corp. has announced the pricing of $400.0 million in aggregate principal amount of its 8% Senior Secured Notes due 2019 in a private placement. The offering is expected to close on May 25, 2010. The notes will be guaranteed by each of the company’s current and future subsidiaries that is a guarantor under Calpine’s existing credit facility. The notes and related guarantees will be secured equally and ratably with the indebtedness incurred under Calpine’s existing credit facility and other indebtedness that is permitted to be secured by such assets, by a first-priority lien on substantially all of Calpine’s and certain of the guarantors’ existing and future assets, subject to certain exceptions and permitted liens.