Ormat Announces Closing of $59.3 Million Partnership Transaction for McGinness Hills Phase 3 Geothermal Power Plant
21 Agosto 2019 - 9:00AM
Ormat Technologies Inc. (NYSE: ORA) today announced that one of its
wholly owned subsidiaries that owns the 48MW McGinness Hills Phase
3 Geothermal power plant entered into a partnership agreement with
a private investor.
Under the transaction documents, the private
investor acquired membership interests in the project for an
initial purchase price of approximately $59.3 million and for which
it will pay additional annual installments that are expected to
amount to a total of approximately $9 million. Ormat will continue
to operate and maintain the power plant and will receive
substantially all of the distributable cash flow generated by the
power plant, and the private investor will receive substantially
all of the tax attributes.
“Ormat continues to deploy creative financing
structures to augment our low cost of growth capital, including the
OPC transaction in 2011, the ORTP transaction in 2013, the OPAL
transaction in 2016, the Tungsten Mountain transaction last year
and now the current transaction relating to the McGinness Hills
Phase 3,” said Isaac Angel, Chief Executive Officer of the Company.
“This transaction allows us to efficiently utilize tax incentives
available to geothermal projects and create value for our
shareholders.”
The McGinness Hills Phase 3 geothermal power
plant, located in Lander County, Nevada, began commercial operation
on December 15, 2018. The project sells its power under the 26-year
Ormat Northern Nevada Geothermal Portfolio Power Purchase Agreement
with Southern California Public Power Authority, which was
announced in June 2017.
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 77 U.S. patents, Ormat’s power solutions have
been refined and perfected under the most grueling environmental
conditions. Ormat has 584 employees in the United States and 762
overseas. Ormat’s flexible, modular solutions for geothermal power
and REG are ideal for 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 2,900 MW of gross capacity.
Ormat’s current 917 MW generating portfolio is spread globally in
the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe.
Ormat expanded its operations to provide Solar, energy storage and
energy management solutions, by leveraging its core capabilities
and global presence as well as through its Viridity Energy
Solutions Inc. subsidiary.
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’s Form
10-K/A filed with the Securities and Exchange Commission (“SEC”)
March 1, 2019 and from time to time, in Ormat’s quarterly reports
on Form 10-Q that are filed with the SEC.
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 VP Corporate Finance and
Head of Investor Relations 775-356-9029 (ext. 65726)
slavi@ormat.com |
Investor Relations Agency Contact: Rob Fink FNK IR 646-809-4048
rob@fnkir.com |
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