Ormat Technologies Inc. has announced that its wholly owned subsidiary has completed the financial closing of Tranche I of the financing secured for the 35 MW Platanares geothermal power plant in Honduras, totaling up to US$124.7 million. The Overseas Private Investment Corporation (OPIC), the United States government’s development finance institution, is the sole lender.
The financing consists of a non-recourse project finance loan that will carry a fixed interest rate of 7.02% per annum with a maturity of approximately 14 years.
Following the closing, the full amount of Tranche I, US$114.7 million, was disbursed to Ormat. The closing of the second tranche of up to $10 million is expected during the first half of 2019.
Ormat began construction of the 35 MW plant in January 2016. It was inaugurated in April this year and is the first utility-scale geothermal project in Honduras.
Country updates
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October 01, 2018
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May 07, 2018
The Overseas Private Investment Corporation (OPIC) has agreed to provide a US$124.7 million loan for the project
The Overseas Private Investment Corporation (OPIC) has agreed to provide a US$124.7 million loan for the project. The non-recourse project finance facility will be disbursed in up to three portions an...
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May 01, 2018
The Honduran government has officially inaugurated the geothermal power plant
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November 17, 2017
The government of Honduras is to approve the procurement of the project
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September 21, 2016
OPIC finances for Platanares geothermal plant in Honduras
The Overseas Private Investment Corporation (OPIC), the U.S. Government’s development finance institution, has approved support for new development projects totaling just over US$1 billion.
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