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Raser Techologies closes Thermo project financing

03 November 2008

Raser Technologies has received the last tranche of its combined $51 million debt and tax equity financing for the Thermo geothermal project. Thermo is the first project financing that Raser has closed, though it has a pipeline of 155MW under late-stage development. The lead bank for Thermo, and the rest of this pipeline, is Merrill Lynch.

Thermo is a 10MW geothermal power plant located in Beaver County, Utah. It  will sell power to the city of Anaheim, California, under a 20-year power purchase agreement at a price of $78 per MW, with a 2% annual increase.

On 16 January 2008, after talks with several institutions, Raser signed a commitment letter with Merrill Lynch, under which Merrill committed to financing 100MW of capacity, with a right of first refusal...

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