Earth Heat Resources Ltd. (EHR), an Australian company with assets in Argentina, hired Corporacion Interamericana para el Financiamento de Infraestructura as mandated lead arranger for a $22.5 million loan, according to data compiled by Bloomberg.
Proceeds will be used for drilling three of four wells and the financing adds to $134 million of project finance debt from the Inter-American Development Bank which will also be used to develop the company’s geothermal venture in Copahue, Argentina. That facility should be completed as early as June, the data show.
Adelaide-based Earth Heat, whose shares have dropped almost 50 percent in the past year, also signed an agreement with AGS Capital Group LLC for A$17.5 million of capital contingency financing, the data show.
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