Ormat Technologies Inc. (NYSE:ORA) today announced that it has raised $142 million in a bonds offering.

The bonds are repayable in a single bullet payment upon their final maturity in August 2017 and bear interest at a fixed rate of 7% per annum, payable semi-annually. The company intends to use the proceeds for general corporate purposes, which may include the repayment of debt and the acquisition, directly or indirectly, of additional energy assets, including construction, enhancement and expansion of its existing projects.

Ormat Technologies CEO Dita Bronicki said: "The terms and timing of this financing compliments and addresses our needs. The additional funds will enable us to accelerate construction plans, and begin the construction of four additional geothermal projects in the US, before the end of 2010. When added to the current portfolio of projects under construction, we have up to ten projects that could qualify for the ITC cash grant."

Ormat Technologies share price rose 2.02% on the NYSE today to $28.83, giving a market cap of $1.31 billion.

Published by Globes, Israel business news - www.globes-online.com - on August 4, 2010

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