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November 11, 2012
11:49 EDTORAOrmat Technologies closes project financing for Olkaria III complex expansion
Ormat Technologies announced that OrPower 4, its indirect wholly owned subsidiary, has completed the financial closing of a previously announced limited-recourse project financing totaling up to $310M for the Olkaria III geothermal power complex located in Naivasha, Kenya, with the Overseas Private Investment Corporation, OPIC, an agency of the United States Government. On November 9, OrPower 4 Inc. received a disbursement of $85M representing the full amount of Tranche I of the OPIC Loan, and a disbursement of $135M from Tranche II of the OPIC Loan. The remaining amount of up to $45M of Tranche II of the OPIC Loan is expected to be drawn over time prior to the commercial operation date of the Olkaria III expansion which is expected mid-2013, subject to customary conditions precedent.
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