The U.S. Department of Energy (DoE) has provided a $350 million loan guarantee to Ormat Nevada. The subsidiary of Ormat Technologies will use the loan to support its geothermal power project in Nevada.
The project is expected to produce up to 121 MW of power from three Nevada based facilities built in two phases. John Hancock Life Insurance applied for the loan guarantee overseen by the DoE and John Hancock will provide the loan that will be backed partly by the federal government, adds GigaOm.
Click here for the release from Ormat.
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