Ormat Technologies, Inc. Announces Closing of Partnership Transaction
19 Dezembro 2016 - 10:30AM
Ormat Technologies, Inc. (NYSE:ORA) today announced that Ormat
Nevada Inc. (Ormat Nevada), and ORPD LLC (ORPD), through OrLeaf
LLC, a jointly established new subsidiary, entered into a
partnership transaction with a financial investor that will allow
us to efficiently monetize the federal tax incentives relating to
five geothermal power plants located in eastern Nevada.
The transaction involves the McGinness Hills
geothermal power plant complex, and the Tuscarora and Jersey Valley
geothermal power plants which, prior to the transaction, were
wholly owned by Ormat Nevada, as well as the Don A. Campbell phase
2 geothermal power plant which, prior to the transaction, was part
of the ORPD portfolio jointly owned 63.25% by Ormat Nevada and
36.75% by Northleaf Geothermal Holdings LLC, an affiliate of
Northleaf Capital Partners.
As part of the transaction, the five geothermal
power plants were transferred to a newly established limited
liability company, and the investor purchased membership interests
in the company for an initial purchase price of $62.1 million and
for which it will pay additional installments that are expected to
amount to approximately $21 million through 2022. Ormat Nevada's
share of the initial cash proceeds is $55.2 million.
“We are very pleased to announce the ongoing
successful relationship with our capital partners, which
started with the OPC transaction in 2011, continued with the ORTP
transaction in 2013 and now continues with the financing of our
East Nevada portfolio, in the current transaction,” said Mr. Isaac
Angel, Chief Executive Officer of the Company. “This transaction
allows us to efficiently monetize the federal tax incentives
available to geothermal projects, such as Production Tax Credits,
and generate value to our partners as well as to our
shareholders.”
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.
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 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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