Nevada Geothermal Power repays US$30 million loan from TCW
Alexander Richter
1 Dec 2009
Nevada Geothermal Power has repaid $30m of its loan from TCW Bank Loan Group. The balance to pay the loan down to approximately $70m is expected to come from a senior debt financing planned with John Hancock Life Insurance Company.
According to a recent release, “Nevada Geothermal Power has repaid $30m of its loan from TCW Bank Loan Group. The balance to pay the loan down to approximately $70m is expected to come from a senior debt financing planned with John Hancock Life Insurance Company, anticipated to close in January.
NGP has contracted Ensign Drilling to complete three wells, two deep injector wells and one production well, which are designed to increase the Faulkner plant output from the current level of 27MW to greater than 40MW.
The existing production well field is comprised of six wells, each capable of producing greater than 7W individually or greater than 40MW together.
The first new injector well located one quarter mile north of existing deep injector well was declared operational in November and is expected to reach target depth by early January 2010.
Brian Fairbank, president and CEO of Nevada Geothermal Power, said, ‘We are embarking on a make-up drilling project that will enable Faulkner to be amongst the largest producing plants in Nevada. I want to thank NGP’s highly capable team and our industry partners for helping make this happen.”
Nevada Geothermal Power received a $57.9m federal grant in November through its subsidiary, NGP Blue Mountain.”
Source: Company release via New Energy World Network
