Ormat Technologies, Inc. Announces the Closing of $100 Million Debt Financing
March 27 2018 - 7:54AM
Ormat Technologies, Inc. (NYSE:ORA) today announced that it has
entered into a loan agreement with affiliates of the Migdal Group,
one of Israel's leading insurance companies and institutional
investors, to provide the Company with a $100.0 million senior
unsecured loan.
The Loan will be repaid in 15 semi-annual
payments of $4.2 million each, commencing on September 15, 2021,
and a final payment on March 15, 2029 of $37 million. The average
duration of the Loan is 7 years. The Loan bears interest at a fixed
rate of 4.8% per annum, payable semi-annually, subject to
adjustments in certain cases. Ormat intends to use the proceeds of
the loan to fund its capital needs to support its growth plans.
“Ormat’s financial strength and leadership
position is giving us increased access to capital at attractive
terms, enabling us to execute our long-term growth strategy,”
commented Doron Blachar, Ormat’s Chief Financial Officer.
ABOUT ORMAT TECHNOLOGIES
With over five decades of experience, Ormat
Technologies, Inc. is a leading geothermal Company and the only
vertically integrated company engaged in geothermal and recovered
energy generation (REG), with the objective of becoming a leading
global provider of renewable energy. The Company owns, operates,
designs, manufactures and sells geothermal and REG power plants
primarily based on the Ormat Energy Converter – a power generation
unit that converts low-, medium- and high-temperature heat into
electricity. With 77 U.S. patents, Ormat’s power solutions have
been refined and perfected under the most grueling environmental
conditions. Ormat has 530 employees in the United States and 770
overseas. Ormat’s flexible, modular solutions for geothermal power
and REG are ideal for the vast range of resource characteristics.
The company has engineered, manufactured and constructed power
plants, which it currently owns or has installed to utilities and
developers worldwide, totaling over 2,500 MW of gross capacity.
Ormat’s current approximately 800 MW generating portfolio is spread
globally in the U.S., Guatemala, Guadeloupe, Honduras, Indonesia
and Kenya. Ormat also intends to expand its operations and provide
energy management and energy storage solutions, by leveraging its
core capabilities and global presence as well as through its
Viridity Energy Solutions Inc. subsidiary, a Philadelphia-based
Company with nearly a decade of expertise and leadership in demand
response, energy management and storage.
ORMAT’S SAFE HARBOR STATEMENT
Information provided in this press release may
contain statements relating to current expectations, estimates,
forecasts and projections about future events that are
"forward-looking statements" as defined in the Private Securities
Litigation Reform Act of 1995. These forward-looking statements
generally relate to Ormat's plans, objectives and expectations for
future operations and are based upon its management's current
estimates and projections of future results or trends. Actual
future results may differ materially from those projected as a
result of certain risks and uncertainties. For a discussion of such
risks and uncertainties, see "Risk Factors" as described in Ormat
Technologies, Inc.'s Form 10-K filed with the SEC on March 16,
2018.
These forward-looking statements are made only
as of the date hereof, and we undertake no obligation to update or
revise the forward-looking statements, whether as a result of new
information, future events or otherwise.
Ormat Technologies, Inc. Contact:Smadar LaviVP Corporate Finance
and Head of Investor Relations775-356-9029 (ext.
65726)slavi@ormat.com
Investor Relations Agency Contact:Rob FinkHayden -
IR646-415-8972rob@haydenir.com
Ormat Technologies (NYSE:ORA)
Historical Stock Chart
From Jul 2024 to Aug 2024
Ormat Technologies (NYSE:ORA)
Historical Stock Chart
From Aug 2023 to Aug 2024