The loan guarantee, if finalised, would assure Ormat’s lenders of debt repayment. The Loan Guarantee Program typically opens access to sources of capital on terms more favourable than renewable energy developers could otherwise obtain.
In this case, Ormat intends to develop three facilities – McGinness Hills, Jersey Valley and Tuscarora – in two phases.
The baseload energy output of the projects is to be sold under 20-year contracts to a subsidiary of Nevada utility NV Energy and would increase the state’s installed geothermal capacity by 25%.
“The
