Ormat Technologies Announces Closing of Its Equity Transaction With Northleaf for the Sale and Purchase of an Equity Interest...
30 Abril 2015 - 6:00PM
Ormat Technologies, Inc. (NYSE:ORA) announced today that its
wholly-owned subsidiary Ormat Nevada Inc. (Ormat) fulfilled all
conditions precedent and achieved financial closing under the
previously announced equity transaction with Northleaf Capital
Partners.
Pursuant to the purchase agreement, which the parties executed
on February 5, 2015, Northleaf acquired a 36.75% equity interest in
a newly established Ormat holding company subsidiary for a purchase
price of $162.3 million. The joint venture includes Ormat's Puna
geothermal power plant in Hawaii, the Don A. Campbell geothermal
power plant in Nevada, and nine power plant units across three
recovered energy generation assets known as OREG 1, OREG 2, and
OREG 3.
The purchase price implies an aggregate transaction value of
approximately $442 million. The actual purchase price and the
percentage interest acquired by Northleaf were adjusted based on
the Canadian Dollar / US Dollar exchange rate and was affected by
the devaluation of the Canadian Dollar.
Northleaf is a leading independent global private equity and
infrastructure manager, with offices in Toronto, Canada, London, UK
and Menlo Park, USA and more than $6 billion in commitments under
management. Northleaf's infrastructure program is focused on
long-term investments in core assets in OECD member countries.
"We are pleased to accomplish the transaction closing with our
new proven and strong capital partner," said Isaac Angel, Ormat's
CEO. "This transaction will strengthen our balance sheet and will
enable us to leverage our financial capabilities to support future
strategic opportunities. We are looking forward to the next
milestone with Northleaf, adding Don A. Campbell phase 2 to the JV
when it reaches final completion."
About Ormat Technologies
With five decades of experience, Ormat Technologies, Inc. is a
leading geothermal company and the only vertically integrated
company currently engaged in geothermal and recovered energy
generation (REG), with the objective of becoming a leading global
provider of renewable energy. The company owns, operates, designs,
manufactures and sells geothermal and REG power plants primarily
based on the Ormat Energy Converter - a power generation unit that
converts low-, medium- and high-temperature heat into electricity.
With 69 U.S. patents, Ormat's power solutions have been refined and
perfected under the most grueling environmental conditions. Ormat
has 470 employees in the United States and over 600 overseas.
Ormat's flexible, modular solutions for geothermal power and REG
are ideal for the vast range of resource characteristics. The
company has engineered, manufactured and constructed power plants,
which it currently owns or has installed to utilities and
developers worldwide, totaling over 1,900 MW of gross capacity.
Ormat's current 647 MW generating portfolio is spread globally in
the U.S., Guatemala and Kenya.
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 February 28, 2014.
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.
CONTACT: Ormat Technologies Contact:
Smadar Lavi
Investor Relations
775-356-9029
slavi@ormat.com
Investor Relations Agency Contact:
Miri Segal/Brett Maas
MS/Hayden - IR
917-607-8654/646-536-7331
msegal@ms-ir.com / brett@haydenir.com
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