US Terra-Gen gets USD 286m to buy 100% of geothermal plant

(ADPnews) - Sep 30, 2010 - US renewable energy developer Terra-Gen Power LLC said yesterday it had secured financing of USD 286 million (EUR 210m) to gain full control of its Dixie Valley geothermal plant in Nevada, and pay own and Dixie debt.

The financing included ancillary credit lines of USD 11 million and USD 175 million in series A and B lessor notes maturing in 2033, purchased by Prudential Capital Group, John Hancock Financial Services and MetLife. BNP Paribas Securities Corp and Barclays Capital Inc have been appointed lead placement agents of the lessor notes issue.

The Dixie Valley facility produces enough energy to power some 60,000 households. Under a long-term power purchase deal, the plant will be selling its output to Southern California Edison until 2038.

At present, Terra-Gen has 21 operating green energy projects.

(USD 1 = EUR 0.736)

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