Ormat, fellow consortium members close on $1.17 billion financing

By Lisa Kerner

Charlotte, N.C., March 28 - Ormat Technologies, Inc. and the other members of the Sarulla Consortium signed $1.17 billion of project financing agreements, according to a company news release.

These financing agreements were signed with lead structuring banks Japan Bank for International Cooperation and Asian Development Bank and six commercial banks.

The financing will be used to develop and construct the 330-megawatt Sarulla geothermal project in Tapanuli Utara, North Sumatra in Indonesia.

Closing is expected in the second quarter of 2014.

Ormat, through its subsidiary Ormat International, Inc., holds a 12.75% equity stake in the Sarulla project. The other members of the Sarulla Consortium are Medco, Itochu and Kyushu.

Reno, Nev.-based Ormat Technologies is a geothermal and recovered energy power business.

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