Terra-Gen Power, a renewable energy company, has closed a $286m financing for the Dixie Valley geothermal plant in Churchill County, Nevada.
The company will continue to manage and operate the plant, which provides low emission electrical generating capacity under long-term power purchase agreements with Southern California Edison through 2038.
The financing included $175m of Series A and Series B Lessor Notes due 2033 issued in a private placement, as well as ancillary credit facilities of $11m.
Proceeds from the financing were used to acquire the outstanding minority interest in Dixie Valley to repay existing Dixie debt, to pay down a portion of Terra-Gen corporate level debt and for general corporate purposes.
With more than 830MW of generating capacity in operation and 720MW under construction, Terra-Gen provides electricity on a utility scale from three major renewable energy sources: wind, solar and geothermal power.