Gradient Receives $155 Million for Nevada Geothermal Plant
Gradient Resources Inc., a closely held geothermal energy developer, received $155 million in construction financing for its Patua project in western Nevada.
Mitsubishi UFJ Financial Group Inc. (8306) led a group of lenders that included Canadian Imperial Bank of Commerce, ING Groep NV (INGA) and Siemens AG (SIE)’s financial-services unit, Reno, Nevada-based Gradient said today in an e-mailed statement.
The company, backed by private-equity investor Denham Capital Management LP, began work on Patua’s initial 30-megawatt phase last year. The project in Fernley, Nevada, about 35 miles (56 kilometers) east of Reno, is expected to deliver power to Sacramento Municipal Utility District starting in September 2013, Gradient said.
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