Chadbourne & Parke LLP represented OrPower 4 Inc., and its Ormat Technologies Inc. group affiliates, in connection with the financial closing and first disbursement under OrPower 4 Inc.’s loan agreement with Overseas Private Investment Corporation (OPIC), an agency of the U.S. Government.
The OPIC loan financial closing and first disbursement, which occurred November 9, 2012, also included a concurrent partial refinancing of previous senior project finance debt provided to OrPower 4 Inc. by PROPARCO and FMO, as part of a syndicate of European-based development finance institutions (“DFIs”) led by DEG — Deutsche Investitions-und Entwicklungsgesellschaft mbH, as well as an amendment and restatement of the remaining outstanding DFI loans to reflect the OPIC financing and necessary intercreditor arrangements.
OrPower 4 Inc. will use the proceeds of the OPIC funds to expand its geothermal power plant complex in Naivasha, Kenya, to bring the power generation capacity of the project up to 84 MW, as well as for the refinancing.
The Chadbourne team was led by partner Noam Ayali, working with associates Nemika Jha, Rodion Yemelyanenko, Colin Temme, and Alexandra Lancaster. Additional support on political risk insurance matters was provided by partner Kenneth Hansen.
