Utah, United States [RenewableEnergyWorld.com] Raser Technologies Inc. announced that Prudential Capital Group, an institutional investment division of Prudential Financial Inc. has purchased the permanent debt financing for Raser’s 10-megawatt (MW) Thermo geothermal power project near Beaver, Utah, from the original project financier.
The approximately US $31 million of non-recourse debt financing helped construct the Thermo geothermal power plant which completed major construction elements last week. The tax equity capital was retained by the tax equity partner entitling them to most of the tax benefits provided by the renewable energy project.
“We are excited to be a part of this unique renewable energy project. We believe Raser’s rapid deployment strategy positions them to play a leading role in the future of America’s energy independence. We are seeking to expand our involvement in this important burgeoning industry and plan to work closely with Raser as this project is brought on line,” said Ric Abel, managing director of Prudential Capital Group.