Nevada, United States — Terra-Gen Power has secured $286 million in financing for a 67 MW geothermal power project in Nevada. The company closed on a financing round including $175 million in Series A and Series B Lessor Notes and ancillary credit facilities of $11 million.
The Lessor Notes were purchased by Prudential Capital Group, John Hancock Financial Services and MetLife, with BNP Paribas Securities Corp. and Barclays Capital Inc., acting as joint lead placement agents.
The funds will support the Dixie Valley geothermal project in Churchill County, Nevada. They will allow Terra-Gen Power to acquire the outstanding minority interest in the geothermal project and repay existing debt.
Terra-Gen will continue to manage and operate the Dixie Valley site. The facility generates electricity under power purchase agreements with Southern California Edison through 2038.
Terra-Gen is an affiliate of Boston investment firm ArcLight Capital Partners and Connecticut-based infrastructure fund Global Infrastructure Partners.