All Entries in the "Finance" Category
EDC raises $300 million with bond offering
In the Philippines, geothermal power producer Energy Development Corp. (EDC) has raised $300 million from a bond offering. In a disclosure to the stock market, the company said the successful sale of 10-year bonds due 2021 was an indication of investor confidence. “The positive reception by investors is a clear indication of their confidence in [...]
EDC to issue $300 million in bonds
In the Philippines, the board of Energy Development Corp. has approved selling $300 million of bonds. The company was said to have told the stock exchange the final terms, size and timing of the dollar bond sale would depend on market conditions. The company is a unit of First Gen Corp., a large privately owned [...]
U.S. Energy Corp. stock downgraded
In Illinois, reports had Zacks Investment Research research analysts downgrading U.S. Energy Corp. from a neutral rating to an underperform rating in a research note issued to investors early last week. We were unable to confirm the report at the Zacks website. The report had analysts predicting on average that the company would post $0.03 [...]
Geothermal stocks to return to growth in 2011
In New York, Meghan Moreland, Senior Analyst at Ardour Capital Investments, LLC, told the Wall Street Transcript that smaller players have had trouble getting funding for shovel-ready projects. As they sell equipment and services into the sector, Ormat Technologies has been effected as well. However, Moreland expects financing will “fall more into place, we will [...]
Iceland President highlights GEA 2011 finance forum
In New York, the Geothermal Energy Association (GEA) and Islandsbanki, will hold a one-day Geothermal Energy Finance Forum on Wednesday, February 9, 2011 at the Ritz-Carlton, Battery Park in New York City. The day’s agenda includes presentations and panel discussion on; geothermal technology, geothermal project development, financing and investment, risk mitigation, employment, government finance and [...]
Magma Energy doubles credit facility
In Canada, Magma Energy Corp. has extended an existing $10 million credit facility from Chairman and CEO Ross Beaty from a 12 month term to a 24 month term and has doubled the amount available to $20 million. Draws will be made as necessary to meet working capital needs, particularly during the period that $28.8 [...]
GE reaches clean energy investment goal
In Washington, D.C., GE Energy Financial Services says it has reached its goal of $6 billion in renewable energy investments by the end of 2010. That doubles the company’s portfolio since 2008. The GE unit in 2009 and 2010 invested or committed to invest more than $1.5 billion in wind farms, closed transactions in geothermal [...]
Reservoir completes $3 million private placement
In Canada, Reservoir Capital Corp. has completed a non-brokered private placement financing of $3,060,000 by the issuance of 5,100,000 units at $0.60 per unit. The proceeds of the offering will be used by Reservoir to support feasibility studies on the Brodarevo Projects, new business efforts in the renewable energy sector and for general corporate [...]
Kenya lines up $500 million IMF credit line
In Kenya, the International Monetary Fund says it will give the country a $500 million extended credit facility to help boost its economy. The line still needs to be approved by the IMF’s management and executive board and would be used to fund the country’s economic program through December 2013. Kenya’s focus remains on energy [...]
Coso Geothermal Power stock downgraded
In Illinois, Fitch Ratings downgraded the rating of Coso Geothermal Power Holdings, LLC’s (CGP) pass-through trust certificates due 2026 to ‘B+’ from ‘BBB-’ last week. It also put CGP on a Rating Watch Negative. CGP has significant production declines due to a more accelerated rate of decline in reservoir pressure since mid 2010 compared to [...]
