U.S. Geothermal Inc., a renewable-energy developer with projects in three Western states and Guatemala, arranged a $30.7 million project loan for its San Emidio project in northwest Nevada.
The company will use the funds to repay a construction loan and fund project reserves, Boise, Idaho-based U.S. Geothermal said in a statement today.
The 25-year loan from Prudential Financial Inc. has a fixed annual rate of 6.75 percent. U.S. Geothermal will use $2.6 million for working capital expenses that may include the second phase of the San Emidio facility, according to the statement.
The first phase of the project went into operation in May 2012 and the second is expected to go online in 2015. Phase I generated more than 18,000 megawatt-hours in the second quarter, according to a company filing.