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Worldwater Announces $6.9M Financing, $4.9M Contract

WorldWater & Power Corp. (OTCBB:WWAT.OB) has announced $6.9 million in new financing and has been awarded a $4.9 million contract to build solar systems for Hightstown, New Jersey. New Financing of Up To $6.9 Million Worldwater has signed a term sheet for up to $5.0 million in financing through the sale of convertible debentures lead by an existing institutional investor. Additionally, the existing institutional investor has agreed to exercise warrants which will result in the infusion of $1.9 million of additional funds into the Company. The debentures are comprised of two tranches, with up to $3.0 million to be funded upon closing of the debenture transaction and up to $2.0 million to be advanced upon satisfaction of certain conditions. The debentures are convertible into common stock of the Company at the lower of the 10-day volume weighted average price prior to closing or $0.40 per share. The debenture agreement is subject to completion of due diligence and definitive documentation. WorldWater & Power expects to close the $3.0 million tranche and receiving funding within ten business days. “By providing additional financing to cover our growth requirements, an existing investment firm has shown its conviction in our technology and business model,” commented […]

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Ormat Announces New 5-Year SCE Agreements

ORMAT Technologies Inc., (NYSE: ORA) has announced that three of its indirect wholly-owned subsidiaries have entered into five-year Agreements Addressing Renewable Energy Pricing relating to Power Purchase Agreements with Southern California Edison (SCE). These agreements fix the energy rates payable by SCE for the five (5) year period beginning May 1, 2007 for Ormat’s Ormesa, Heber 1, and Heber 2 geothermal projects located in Imperial County, California. Under the new Agreements, the geothermal energy produced by these projects will be sold at an average fixed energy rate of $62.74/MWh, starting with a rate of $61.50MWh for the first year, with an annual escalation of 1.0% thereafter. The new Agreements will come into effect when the current Renewable Energy Pricing Agreement terminates on April 30, 2007. The new average energy rate of $62.74/MWh will replace the existing rate of $53.70/MWh. As a result of these Agreements, Ormat’s revenues from the Ormesa and Heber projects for the first year are expected to increase by approximately $7.9 million. The capacity payment and capacity bonus under the respective power purchase agreement for each of the projects remain unchanged. The Agreements also set the energy loss adjustment factor (ELAF) at 1.0, which benefits projects that […]

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Capstone Receives $1.2M Health Care Order

Capstone Turbine (Nasdaq:CPST) has received an order for a nationally recognized health care facility totaling approximately $1.2 million of Capstone C65 Micro Turbine energy systems. The multi-pac cogeneration energy system will be installed in one of their facilities in Southern California. “We are delighted to receive this sales order from a highly respected health care facility,” said Capstone’s Chief Executive, John Tucker. “The health care industry represents a tremendous opportunity for our products because of grid reliability issues and high cost of electricity. In addition, due to California’s self-generation rebate program, we believe that this installation will be extremely energy efficient and cost-effective for our end-user customer.” The 65-kilowatt systems are the latest generation of MicroTurbine energy systems developed by Capstone. In addition to a net power output of 65 kilowatts, the Integrated Combined Heat and Power (ICHP) systems have 80% electrical efficiency, and NOx emissions of less than 5 parts per million. Built in accordance with UL 2200 and UL 1741, our microturbines meet statewide utility interconnection requirements of California Rule 21 and the New York State Public Utility Commission. Website: [sorry this link is no longer available]     

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