RENO, Nev., Oct. 8 /PRNewswire-FirstCall/ -- Ormat Technologies, Inc. today announced that it has established a three-year $100 million line of credit through a commercial bank. In total, Ormat's approved unused corporate lines of credits with various commercial banks are $260 million.
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"Given the turbulence in the credit and stock markets we are pleased to secure additional financing. Our focus is on running our business with a long-term outlook and it was with this motivation that we decided to secure additional credit lines," said Dita Bronicki, Chief Executive Officer of Ormat
"Renewable energy is a vital part of the fight against global warming and will continue to grow even in turbulent economic times. We continue to be technically and financially well positioned to take advantage of this growth opportunity. It is worth noting that the extension of the Production Tax Credit (PTC) last week to the end of 2010 was finally passed together with the plan to support the financing industry."
As of June 30, 2008, Ormat had access to $137.8 million in cash and cash equivalents in addition to $160 million in lines of credit.
About Ormat Technologies
Ormat Technologies, Inc. is a vertically integrated company primarily engaged in the geothermal and recovered energy power business. The Company designs, develops, builds, owns and operates geothermal and recovered energy-based power plants. Additionally, the Company designs, manufactures and sells geothermal and recovered energy power units and other power generating equipment, and provides related services. Ormat products and systems total more than 1,000 MW and are covered by more than 75 patents. Ormat currently owns and operates 410 MW of geothermal and recovered energy-based power plants in the United States -- Brady, Heber, Mammoth, Ormesa, Puna, Steamboat and OREG 1; in Guatemala -- Zunil and Amatitlan; in Kenya -- Olkaria; and in Nicaragua -- Momotombo.
Safe Harbor Statement
Information provided in this press release may contain statements relating to current expectations, estimates, forecasts and projections about future events that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally relate to Ormat's plans, objectives and expectations for future operations and are based upon its management's current estimates and projections of future results or trends. Actual future results may differ materially from those projected as a result of certain risks and uncertainties. For a discussion of such risks and uncertainties, see "Risk Factors" as described in Ormat Technologies, Inc.'s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 5, 2008.
These forward-looking statements are made only as of the date hereof, and we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
Ormat Technologies Contact: Investor Relations Contact:
Dita Bronicki Todd Fromer / Marybeth Csaby
CEO KCSA Strategic Communications
775-356-9029 212-896-1215/ 212-896-1236
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