Moody rating for Terra-Gen’s Coso Geothermal debt downgraded
Coso China Lake geothermal plant
Alexander Richter
16 Nov 2010
Moody's downgrades Coso Geothermal outstanding private debt to B1 based on lower than expected power generation.
As reported by Moodys and Project Finance Magazine, the rating agency Moody’s has downgraded the $584 million in outstanding private debt to B1, based on lower than expected power generation.
For the year ended in September, according to news, the production was 26% below the 319.7 MW installed capacity. In earlier estimates the Terra-Gen anticipates Coso to reach a net capacity of 272 MW by 2011, more than original projections of 249MW.
Source: Project Finance Magazine, Fitch Rating release (January 2010)
