Business Context and Reporting Period
This Form 8-K was filed by Ormat Technologies, Inc. on March 4, 2009, with a report date of March 4, 2009. The filing concerns the indirect wholly-owned subsidiary, OrPower 4, Inc., and its operations in Naivasha, Kenya.
Key Financial Metrics
The filing details a specific project financing arrangement rather than general corporate financial performance.
- Project Financing Amount: $105 million for Phase II of the Olkaria III geothermal power plant.
- Financing Status: Financial close reached on March 4, 2009.
- Drawdown Notice: Issued on March 5, 2009.
- Lenders: DEG (Deutsche Investitions-Und Entwicklungsgesellschaft MBH) and PROPARCO (Société de Promotion et de Participation pour la Coopération Economique).
The filing text does not provide clear values for overall company revenue, profit, cash flow, margins, total debt, or liquidity.
Material Changes
The primary material change is the creation of a direct financial obligation through the closing of the $105 million project financing. This follows the entry into agreements dated January 5, 2009, which were previously disclosed in an 8-K filed on January 8, 2009.
Guidance, Outlook, and Risks
The filing confirms the successful execution of the financing for the Olkaria III Project Phase II. It references a press release dated March 6, 2009, for further details. The document does not contain specific management commentary on future guidance, general risks, contingencies, or unusual items beyond the execution of the loan agreements.
Investor Verification Checklist
- Verify the terms of the Common Terms Agreement and individual facility loan agreements (DEG A, Proparco A, DEG B, DEG C) filed as exhibits to the Annual Report on Form 10-K (filed March 2, 2009).
- Review the Press Release dated March 6, 2009 (Exhibit 99.1) for additional details on the project timeline and utilization of funds.
- Confirm the status of the loan drawdown following the March 5, 2009 notice.