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Gradient Resources closes $155m financing for Patua project

U.S. geothermal development company Gradient Resources has completed a $155 million financing for the construction of the first phase of its Patua Geothermal Project near Fernley, Nevada.

In a release today, Gradient Resources Inc., announced it has “completed a $155m financing for the construction of the first phase of its Patua Geothermal Project. Initial work at the Patua site, located near Fernley, Nevada, began in 2011.

The lending group, led by Union Bank, N.A., included Canadian Imperial Bank (CIBC), ING Capital LLC, and Siemens Financial Services.

The Patua Project will proceed in phases, the first being 30 MW, under a Power Purchase Agreement (PPA) with Sacramento Municipal Utility District (SMUD).  Gradient’s Patua plant will become operational and is set to deliver power to the grid in September of 2013.

by lxrichter under Finance, By Region, North America, Projects on December 18, 2012

Source: Gradient Resources