Ormat Technologies, Inc. Announces Re-Purchase of Part-Ownership Interest in Certain of Its Geothermal Power Projects From an In
03 Novembro 2009 - 9:08AM
PR Newswire (US)
RENO, Nev., Nov. 3 /PRNewswire-FirstCall/ -- Ormat Technologies,
Inc. (NYSE:ORA) today announced that on October 30 its wholly-owned
subsidiary, Ormat Nevada Inc., concluded the purchase of all of the
class B membership interests in OPC LLC held by Lehman-OPC LLC, an
affiliate of Lehman Brothers Inc., for a purchase price of $18.5
million. A substantial portion of the sale of the class B
membership interests by Ormat was accounted for as a financing. As
a result, the repurchase of these interests at a discount will
result in a pre-tax gain of approximately $13 million in the fourth
quarter of 2009. (Logo:
http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGO) OPC LLC
was initially established by Ormat Nevada to hold its Desert Peak
2, Steamboat Hills, Galena 2, and Galena 3 geothermal power
projects (all located in Nevada) jointly with Morgan Stanley
Geothermal LLC, an affiliate of Morgan Stanley & Co.
Incorporated, and Lehman-OPC LLC, as institutional equity
investors. The purchase from Lehman-OPC LLC of all of its class B
membership interests was concluded pursuant to a right of first
offer in favor of each of the members of OPC LLC under its limited
liability company agreement. Ormat Nevada will continue to operate
and maintain the projects and will continue to receive initially
all of the distributable cash flow generated by the projects until
it gets back the capital it has invested in the projects. In
addition, in its capacity as a holder of the acquired class B
membership interests, Ormat Nevada will now also be entitled to a
share of the production tax credits and the taxable income or loss,
and the distributable cash flow after it has received its return of
capital. About Ormat Technologies Ormat Technologies, Inc. is the
only vertically-integrated company primarily engaged in the
geothermal and recovered energy power business. The Company
designs, develops, owns and operates geothermal and recovered
energy-based power plants around the world. Additionally, the
Company designs, manufactures and sells geothermal and recovered
energy power units and other power-generating equipment, and
provides related services. The Company has more than four decades
of experience in the development of environmentally-sound power,
primarily in geothermal and recovered-energy generation. Ormat
products and systems are covered by 75 U.S. patents. Ormat has
built over approximately 1,200 MW of plants half for its own
account and half as supplies to utilities and developers. Ormat's
current generating portfolio includes the following geothermal and
recovered energy-based power plants: in the United States - Brady,
Heber, Mammoth, Ormesa, Puna, Steamboat, OREG 1, OREG 2 and Peetz;
in Guatemala - Zunil and Amatitlan; in Kenya - Olkaria; in
Nicaragua - Momotombo and in New Zealand - GDL. Ormat's Safe Harbor
Statement Information provided in this press release may contain
statements relating to current expectations, estimates, forecasts
and projections about future events that are "forward-looking
statements" as defined in the Private Securities Litigation Reform
Act of 1995. These forward-looking statements generally relate to
Ormat's plans, objectives and expectations for future operations
and are based upon its management's current estimates and
projections of future results or trends. Actual future results may
differ materially from those projected as a result of certain risks
and uncertainties. For a discussion of such risks and
uncertainties, see "Risk Factors" as described in Ormat
Technologies, Inc.'s Annual Report on Form 10-K filed with the
Securities and Exchange Commission on March 2, 2009. These
forward-looking statements are made only as of the date hereof, and
we undertake no obligation to update or revise the forward-looking
statements, whether as a result of new information, future events
or otherwise. Ormat Technologies Contact: Investor Relations
Contact: Dita Bronicki Todd Fromer/ Marybeth Csaby CEO and
President KCSA Worldwide +1-775-356-9029 +212-896-1215 /
212-896-1236 /
http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGO
http://photoarchive.ap.org/ DATASOURCE: Ormat Technologies, Inc.
CONTACT: Dita Bronicki, CEO and President of Ormat Technologies,
+1-775-356-9029, ; or investor relations, Todd Fromer,
+1-212-896-1215, , or Marybeth Csaby, , +1-212-896-1236, both of
KCSA Worldwide, for Ormat Technologies, Inc. Web Site:
http://www.ormat.com/
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