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Ormat Completes Second Stage of Puna Geothermal Financing

On December 30, 2005, ORMAT Technologies, Inc., (ORA) subsidiary, Puna Geothermal Venture (PGV) completed the second stage of a two-stage refinancing agreement for its Puna Geothermal Project in Hawaii. As announced on May 17, 2005, Ormat’s subsidiary PGV entered into a 31-year head lease, the first stage of the two-stage transaction, with an unrelated company (the “Lessor”). A secondary stage of the transaction was intended to refinance two new geothermal wells for production and injection. The successful completion of the drilling, together with meeting certain other operation conditions that were agreed upon between the Lessor and PGV, enabled the parties to supplement the original agreement by entering into a similar operating lease transaction in the amount of $12.0 million for the additional wells. The completion of this secondary stage brings the total Project financing to $83.0 million. Commenting on the completion of the second stage of the financing, Dita Bronicki, President and Chief Executive Officer of Ormat, said: “The execution of this stage proved our ability to successfully develop the geothermal field in Puna and expand the plant’s generating capacity to 30 MW. We are now ready to turn our attention to the development of the next phase of the […]

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Ormat Completes Second Stage of Puna Geothermal Financing

On December 30, 2005, ORMAT Technologies, Inc., (ORA) subsidiary, Puna Geothermal Venture (PGV) completed the second stage of a two-stage refinancing agreement for its Puna Geothermal Project in Hawaii. As announced on May 17, 2005, Ormat’s subsidiary PGV entered into a 31-year head lease, the first stage of the two-stage transaction, with an unrelated company (the “Lessor”). A secondary stage of the transaction was intended to refinance two new geothermal wells for production and injection. The successful completion of the drilling, together with meeting certain other operation conditions that were agreed upon between the Lessor and PGV, enabled the parties to supplement the original agreement by entering into a similar operating lease transaction in the amount of $12.0 million for the additional wells. The completion of this secondary stage brings the total Project financing to $83.0 million. Commenting on the completion of the second stage of the financing, Dita Bronicki, President and Chief Executive Officer of Ormat, said: “The execution of this stage proved our ability to successfully develop the geothermal field in Puna and expand the plant’s generating capacity to 30 MW.” She continued: “We are now ready to turn our attention to the development of the next phase […]

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Praxair Acquires Constar of Norcross, Georgia

Praxair Distribution, Inc., a subsidiary of Praxair, Inc. (PX), has acquired the packaged gas business and facilities of Constar LLC of Norcross, Georgia and its affiliates Airstar Carolina, Airstar Tennessee, Airstar Savannah and Pye-Barker Welding Supply Co. This business includes 10 facilities in Georgia, Tennessee and South Carolina with revenues of approx. $34 million. The transaction closed on December 31, 2005. Financial terms of the transaction were not disclosed. Constar LLC fills and distributes high-pressure industrial, medical and specialty gas cylinders and other gas containers. It also operates several retail stores for the sale of welding and related equipment, supplies and services. “Praxair’s expansion into this new geography further strengthens our ability to serve customers throughout North America,” said Praxair Distribution President Wayne Yakich. The new company will operate as Praxair Distribution’s Southern Division. Website: http://www.praxair.com     

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