condition at the time of our application made it difficult to secure commercial data to develop these fa silties. the d.o.e. loan guarantee enabled us to declare more plants and create more jobs than we would have been able to achieve without it. the two-phase report submitted with the investment as its overall success did not change entirely on the success of one facility. a total of up to $350 million in debt financing has been approved to our financial partner, john handcock. our first loan occurred in october, 2011, of approximately $151 million, which is only a portion of the total budget for the projects. indeed, as of the second quarter of 2010, before application was submitted to the d.o.e., the project had been funded by ormat. we are committed to its success. i'm pleased to report that the facility has already reached commercial operation and we expect them again to reach that milestone very soon. mr. chairman, ormut had been in the business of developing geothermal power for close to 30 years. our deep experience enabled us to propose a solid commercial energy power project to the dep