FOR IMMEDIATE RELEASE
GRADIENT RESOURCES ANNOUNCES COMPLETION OF $155M FINANCING THROUGH LENDING GROUP
RENO, NV December 18, 2012 – Gradient Resources Inc., a privately held corporation headquartered in Reno, Nevada, recently completed a $155M financing for construction of the first phase of its Patua Geothermal Project. Initial work at the Patua site, located near Fernley, Nevada, began in 2011.
The lending group, led by Union Bank, N.A., included Canadian Imperial Bank (CIBC), ING Capital LLC, and Siemens Financial Services.
The Patua Project will proceed in phases, the first being 30 MW, under a Power Purchase Agreement (PPA) with Sacramento Municipal Utility District (SMUD). Gradient’s Patua plant will become operational and is set to deliver power to the grid in September of 2013.
ABOUT GRADIENT
Gradient Resources is a geothermal developer founded in 1991 that holds an extensive property portfolio of geothermal leases and applications covering more than 170,000 acres in Nevada, California, Oregon, Washington and Arizona. Gradient has a signed 20-year Power Purchase Agreement (“PPA”) with Sacramento Municipal Utility District (SMUD), and is currently negotiating additional PPAs with other regional utilities. Gradient is a vertically integrated company that wholly owns the subsidiary companies that provide its drill rigs and cementing services. Investors include an affiliate of Denham Capital and a principal investing division of Bank of America Merrill Lynch. For additional information on Gradient Resources and geothermal power, go to www.gradient.com.
Media contact for Gradient:
Christa Wicks-Morris, Communications Manager
(775) 284-8842 email: pr@gradient.com
