The loan comprises of a refinancing tranche of up to $85m to prepay the existing loan and fund transaction costs, and a construction loan tranche of up to $165m to finance the construction of an additional 36MW expansion currently underway.
The loan also includes a $60m stand-by facility to finance an additional optional 16MW capacity expansion, that, if exercised by the company, could bring the total capacity of the complex to 100MW.
According to Ormat, the maturity dates of the construction tranche and the refinancing tranche are expected to be June 2030 and December 2030, respectively.
Ormat Technologies is primarily engaged in the geothermal and recovered energy power business.
