Ormat Technologies Announces Closing of a Follow-On Sale of 36.75% Equity Interest in the Second Phase of the Don A. Campbell...
23 Novembro 2016 - 10:00AM
Ormat Technologies, Inc. (NYSE:ORA) today announced that its
wholly-owned subsidiary, Ormat Nevada Inc. (Ormat), closed a
follow-on equity transaction with Northleaf Capital Partners
(Northleaf).
Northleaf purchased a 36.75% equity interest in
the second phase of the Don A. Campbell power plant for a purchase
price of $44.2 million. The 20.5 MW second phase of the Don A.
Campbell geothermal power plant commenced operation in September
2015 and sells its electricity to Southern California Public Power
Authority under a 20-year Power Purchase Agreement. Following the
closing, the power plant was contributed to the existing ORPD joint
venture, as agreed upon under the terms of ORPD's limited liability
company agreement executed by Ormat and Northleaf on April 30,
2015. The purchase price of $44.2 million implies a total
transaction value of approximately $120 million and represents
approximately 11.5x multiple on the second phase of Don A.
Campbell’s 2016 estimated EBITDA and adjusted EBITDA.
“The successful monetization of the second phase
of Don A. Campbell power plant validates the excellent relationship
we have established with Northleaf, and demonstrates that Northleaf
continues to see value in acquiring equity interests in our
plants,” commented Isaac Angel, Chief Executive Officer, Ormat.
“The performance of ORPD's existing portfolio, as well as the new
addition of Don A. Campbell 2, are in line with the parties'
expectations, and we expect to achieve additional milestones that
will benefit both Ormat and Northleaf. The proceeds from this
transaction will further strengthen our balance sheet and support
our expansion plans and future strategic opportunities.”
“We are delighted to have successfully completed
our planned acquisition of Don A. Campbell 2, broadening our
existing ORPD joint venture alongside our partner Ormat, a world
leader in geothermal development and operations,” said Olivier
Laganière, Vice President, Northleaf. “This transaction is an
example of Northleaf’s strategy of investing in proven,
conservatively-positioned contracted assets in OECD jurisdictions
alongside like-minded operating partners, thereby providing our
investors with the potential for long-term, stable returns.”
About Ormat Technologies
With over five decades of experience, Ormat
Technologies, Inc. is a leading geothermal company and the only
vertically integrated company 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 72 U.S. patents, Ormat’s power solutions have
been refined and perfected under the most grueling environmental
conditions. Ormat has 450 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 2,000 MW of
gross capacity. Ormat’s current 710 MW generating portfolio is
spread globally in the U.S., Guatemala, Guadeloupe, and Kenya.
About Northleaf Capital
Partners
Northleaf Capital Partners is a leading
independent global private equity, infrastructure and private
credit manager, with $9 billion in commitments under management on
behalf of public, corporate and multi-employer pension plans,
university endowments, foundations, financial institutions and
family offices. Northleaf’s global infrastructure program pursues
direct investments in mature, conservatively-positioned
infrastructure assets in developed markets.
Northleaf’s 85-person team, located in Toronto,
London, Chicago, and Menlo Park, is focused exclusively on
sourcing, evaluating and managing private markets investments
globally. Northleaf currently manages six global private equity
funds, a specialist private equity secondary fund, two
infrastructure funds, a private credit fund and a series of
customized investment mandates tailored to meet the specific needs
of institutional investors and family offices. For more information
on Northleaf, please visit www.northleafcapital.com.
For further information, please contact:
Jeff PentlandManaging Director+1 416 477
6165Jeff.pentland@northleafcapital.com
Olivier LaganièreVice President+1 416 477
6713olivier.laganiere@northleafcapital.com
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 and include,
specifically, the statements related to 2016 estimated EBITDA and
adjusted EBITDA for the second phase of Don A Campbell. 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 26, 2016.
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:
Smadar Lavi
Investor Relations
775-356-9029 (ext. 65726)
slavi@ormat.com
Investor Relations Agency Contact:
Rob Fink/Brett Maas
Hayden - IR
646-415-8972/646-536-7331
rob@haydenir.com / brett@haydenir.com
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