Seattle's Big Role in Fight on Global Warming
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US Publisher to Use 30% Recycled Paper
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Moonshine Returns as Ethanol Gas Additive
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Panning E-Waste for Gold
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UK Pension Funds Invest in Renewable Energy
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El Salvador Tropical Coffee Forests Threatened
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Exxon Valdez Oil Still Threatens Wildlife
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Navy Sonar Plan Riles N.C. Fishermen
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Worldwater Announces $6.9M Financing, $4.9M Contract
WorldWater & Power Corp. (OTCBB:WWAT.OB) has announced $6.9 million in new financing and has been awarded a $4.9 million contract to build solar systems for Hightstown, New Jersey. New Financing of Up To $6.9 Million Worldwater has signed a term sheet for up to $5.0 million in financing through the sale of convertible debentures lead by an existing institutional investor. Additionally, the existing institutional investor has agreed to exercise warrants which will result in the infusion of $1.9 million of additional funds into the Company. The debentures are comprised of two tranches, with up to $3.0 million to be funded upon closing of the debenture transaction and up to $2.0 million to be advanced upon satisfaction of certain conditions. The debentures are convertible into common stock of the Company at the lower of the 10-day volume weighted average price prior to closing or $0.40 per share. The debenture agreement is subject to completion of due diligence and definitive documentation. WorldWater & Power expects to close the $3.0 million tranche and receiving funding within ten business days. “By providing additional financing to cover our growth requirements, an existing investment firm has shown its conviction in our technology and business model,” commented […]
Ormat Announces New 5-Year SCE Agreements
ORMAT Technologies Inc., (NYSE: ORA) has announced that three of its indirect wholly-owned subsidiaries have entered into five-year Agreements Addressing Renewable Energy Pricing relating to Power Purchase Agreements with Southern California Edison (SCE). These agreements fix the energy rates payable by SCE for the five (5) year period beginning May 1, 2007 for Ormat’s Ormesa, Heber 1, and Heber 2 geothermal projects located in Imperial County, California. Under the new Agreements, the geothermal energy produced by these projects will be sold at an average fixed energy rate of $62.74/MWh, starting with a rate of $61.50MWh for the first year, with an annual escalation of 1.0% thereafter. The new Agreements will come into effect when the current Renewable Energy Pricing Agreement terminates on April 30, 2007. The new average energy rate of $62.74/MWh will replace the existing rate of $53.70/MWh. As a result of these Agreements, Ormat’s revenues from the Ormesa and Heber projects for the first year are expected to increase by approximately $7.9 million. The capacity payment and capacity bonus under the respective power purchase agreement for each of the projects remain unchanged. The Agreements also set the energy loss adjustment factor (ELAF) at 1.0, which benefits projects that […]