News
Sep 16, 2008MarketWatch.com: “Glitnir Bank Advises Nevada Geothermal Power On Financing”
CanGEA Member Glitnir Bank has continued their prominent role in the geothermal energy industry by providing finance and advisory services to Nevada Geothermal regarding their Blue Mountain, Nevada power plant.
Glitnir, the leading provider of financing and advisory services to the global geothermal energy industry, announced today that it served as lead co-arranger with Morgan Stanley & Company Inc. for a US$180 million loan facility for Nevada Geothermal Power Inc. The loan facility, provided by TCW Asset Management Company, will be used for the first phase of construction of the Blue Mountain geothermal power plant, known as “Faulkner 1.” The plant will have a capacity of 49.5 MW (gross) and the electricity will be sold under a 20-year Power Purchase Agreement (PPA) to Nevada Power Company. When it comes on line in late 2009 the geothermal power plant will supply the growing population of southern Nevada with clean, renewable baseload power.
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