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Ormat secures $100M debt financing to fund growth plans

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Ormat secures $100M debt financing to fund growth plans

Ormat Technologies Inc. on March 27 said it closed a $100 million debt financing with affiliates of Migdal Insurance Co. Ltd. to help fund its growth plans.

The Migdal affiliates will provide Ormat a $100 million senior unsecured loan, bearing a fixed rate interest of 4.8% per annum. The loan is payable in 15 semiannual payments of $4.2 million each, starting Sept. 15, 2021, with a final payment of $37 million on March 15, 2029.

The loan has an average duration of seven years.

Israel-based Migdal is an insurance company and institutional investor.