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Ormat updates on pending DOE loan guarantees for its projects

Steamboat Springs plant of Ormat, Nevada - not directly related to story (source: Commons/ Wikimedia)
Alexander Richter 15 May 2011

Ormat Technologies provides an update on its applications for DOE loan guarantee for the financing of its projects at Jersey Valley, Tuscarora and McGinness Hills with John Hancock Life Insurance Company.

In a release by Ormat Technologies, the company quotes “it has received several inquiries from the press and industry analysts regarding its pending application for a DOE loan guarantee under section 1705 in respect of a financing for the Company’s Jersey Valley, Tuscarora, and McGinness Hills projects with John Hancock Life Insurance Company (U.S.A.) as the Lender Applicant.

These inquiries have apparently been triggered by DOE’s update and publication on May 10, 2011, on the DOE website, of the form of letters that it sent to various companies regarding their pending loan guarantee applications (indicating that a loan guarantee application is moving forward, or indicating that it has been put on hold). As a result, the Company is today confirming that it has received a letter from the DOE stating that its application for the Jersey Valley, Tuscarora, and McGinness Hills projects is moving forward. Receipt of the DOE letter does not provide any assurance or guarantee that the project company has met, or will be able to meet, all of the DOE requirements for the issuance of a guarantee or that DOE will in fact ultimately issue a loan guarantee, as expressly noted in the DOE letter.”

Source: Company release via PR Newswire