Ormat Technologies Inc.’s US subsidiary Ormat Industries Ltd. has signed two major loans for geothermal projects in the US and Kenya.
The Overseas Private Investment Corp. (OPIC) obtained a letter of commitment to provide a $310-million loan to refinance and expand the Olkaria III geothermal project, increasing its 48 MW to 100 MW. The firm expects to meet financial close in December. Ormat Technologies CEO Yehudit Bronicki said, "This financing marks one of the largest project finance loans obtained by Ormat, and demonstrates OPIC’s confidence in our technology and operational skills. [This is] the first renewable independent power project in Kenya and probably in all of Africa."
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