Ormat Secures $108M In DOE Cash Grants

Reno, Nev.,-based geothermal developer Ormat Technologies has secured $108.2 million in Department of Energy 1603 cash grants. Ormat plans to use the government cash to support the construction of about 100 megawatts in new capacity, including the North Brawley geothermal power plant in California.

Ormat clinched the government funding after raising about $142 million last month in a seven-year, seven percent bond offering. Ormat is also working with John Hancock Financial Services to arrange up to $350 million in senior secured construction and term loan facilities, .

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