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Ormat Closes US $100M Line of Credit
October 9, 2008
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2 Comments
Nevada, United States [RenewableEnergyWorld.com] Ormat Technologies, Inc. announced that it has established a three-year US $100 million line of credit through an un-named commercial bank. In total, Ormat's approved unused corporate lines of credit with various commercial banks total US $260 million.
"Renewable energy is a vital part of the fight against global warming and will continue to grow even in turbulent economic times."
-- Dita Bronicki, CEO, Ormat 
As of June 30, 2008, Ormat had access to US $137.8 million in cash and cash equivalents in addition to US $160 million in lines of credit. This announcement comes as the U.S. and many other economies are in the middle of a credit crisis that has slowed or halted the movement of credit markets. "Renewable energy is a vital part of the fight against global warming and will continue to grow even in turbulent economic times," said Dita Bronicki, CEO of Ormat. "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."
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If Ormat is relying on "global warming" and government hand-outs this trust may be misplaced.
So very sad such a promising technology is dependent on largess.