Before beginning, we would like to remind you that information provided during this call may contain forward-looking statements relating to current expectations, estimates, forecasts and projections about future events that are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally relate to the company's plans, objective and expectations for future operations are based on management's current estimates and projections of future results or trends. Actual future results may differ material from these projected as a result of certain risks and uncertainties. For a discussion of such risks and uncertainties, please see risk factors as described in the annual report on Form 10-K filed with the SEC on February 28, 2011.In addition, during this call, statements may include financial measures as defined as non-GAAP financial measures by the SEC, such as EBITDA and adjusted EBITDA. The presentation of financial information is not intended to be considered in isolation or as a substitute for financial information prepared and presented in accordance with GAAP. Management of Ormat Technologies believes that adjusted EBITDA may provide meaningful supplemental information regarding liquidity measurement that both management and investors benefit from referring to this non-GAAP financial measure in assessing Ormat Technologies' liquidity and when planning and forecasting future periods. This non-GAAP financial measure may also facilitate management's internal comparisons to the company's historical liquidity. Before I turn the call over to management, I would like to remind everyone that the slide presentation accompanying this call may be accessed on the company's website at ormat.com under the IR Events and Presentations link that is found in the Investor Relations tab. With that all said, I would now like to turn the call over to Dita. Dita, the call is yours. Yehudit Bronicki Thank you, Rob, and good morning, everybody, and thank you for joining us today for the presentation of our third quarter 2011 results and outlook for the near future.
It was a very strong quarter and we increased revenues, improved our gross margins in both Electricity and Product segment and maintained a very strong backlog. The quarterly adjusted EBITDA was $46.7 million. In addition, we successfully enhanced our access to cash with new financing from a 20-year, 80% BOE guaranteed loan under the program designed for commercially proven projects that provides appropriate funding for our multiphase approach to development.The nominal interest on the part of the loan that was funded earlier this week is an exceptionally low 4.687%, and this will reduce our interest rate over the long term. This quarter we had a low interest rate lock transactions we have entered into in anticipation of the BOE loan to mitigate the interest volatility in the 10-year treasury rate. The interest rate would have been 6.22% had we created the loss on the interest loan as a hedge. See, it's very attractive interest rates for the projects under construction. With that said, I would like now to turn the call to Joseph who will provide a financial review, followed by Yoram that will provide an update on our operational progress. And as usual, following my remarks we will open the call up for Q&A. Joseph, please. Joseph Tenne Thank you, Dita, and good morning, everyone. Beginning to Slide 5, total revenues for the quarter ended September 30, 2011 were $110.8 million, a 9.2% increase over revenues of $101.5 million in the third quarter of 2010. In our Electricity segment on Slide 6, revenues for the quarter were $86.8 million, a 4.1% increase over revenues of $83.4 million in the same quarter last year. The increase in Electricity revenues is due to higher energy rate at the Puna and Amatitlan plants, such increase was partially offset by a 3% decrease in generation due to major maintenance activity in some of our power plants.
In the Product segment, on next slide, revenues for the quarter were $24 million, an increase over revenues of $18.1 million in the same quarter of 2010. The increase in product revenues reflects the new customer order that we secured in the second quarter of 2011.Read the rest of this transcript for free on seekingalpha.com