Delphos served as a sole advisor to an Ormat-led consortium to raise over $350 million of senior debt from the Asian Development Bank (“ADB”) to construct, operate, and maintain the Sarulla geothermal project in Indonesia with total generation capacity of 330 MW. The other project sponsors were Itochu Corporation, Kyushu Electric Power Company, and Medco Power Indonesia. The financing package consisted of a 20-year $250 million loan from the ADB, a $100 million 20-year mezzanine loan from two climate funds administered by the ADB, a 20-year $490 million loan from JBIC, and a $330 million 20-year loan from six commercial banks, which includes political risk insurance from JBIC. BTMU, ING, Mizuho, NAB, SMBC and Societe Generale are the six commercial banks on the deal. The project will be developed and implemented under a 30-year energy sales contract with PLN (Indonesian electricity distribution company), a 30-year joint operating contract with Pertamina Geothermal Energy, and a 20-year guarantee from the Ministry of Finance.