Ormat Completed the Acquisition of TG Geothermal Portfolio, LLC; Increasing Its Total Operating Portfolio to 1.1 GW
14 Julho 2021 - 8:15AM
Ormat Technologies, Inc. (NYSE: ORA) announces that it has closed
the previously announced acquisition of TG Geothermal Portfolio,
LLC, paying $171 million for 100% of the equity interests and
assumed debt and associated lease obligations with a book value of
approximately $206 million as of June 30, 2021.
Following the acquisition, Ormat now owns and
operates two geothermal power plants in Nevada at Dixie Valley and
Beowawe, with a total net generating capacity of approximately 67.5
MW. In addition, Ormat now owns rights to Coyote Canyon, a
greenfield development asset adjacent to Dixie Valley with high
resource potential and an underutilized transmission line, capable
of handling between 300MW and 400MW of 230KV electricity,
connecting Dixie Valley to California.
The operating assets sell power under existing
power purchase agreements. Dixie Valley sells its electricity
generation to Southern California Edison under a long term PPA
expiring in 2038 and Beowawe sells its electricity generation to NV
Power, Inc. under a PPA expiring in December 2025. Ormat plans to
improve the acquired operating assets and implement synergies and
cost reductions and expects these assets to generate $55 million in
revenue and approximately $37 million in EBITDA in 2022.
“This acquisition further expands our leadership
in the Western United States, increasing our generating capacity in
Nevada and enabling us to bring clean, renewable energy to
California through our newly purchased transmission line,”
commented Doron Blachar, Ormat’s Chief Executive Officer. “We were
able to take advantage of our strong balance sheet and established
presence to add these attractive assets to our portfolio, and we
expect to leverage our products segment capabilities and technology
to increase the EBITDA of these plants by 20% over the next few
years.”
On August 4, 2021, the Company will issue
financial results for the second quarter of 2021, at which time it
will provide a more comprehensive update on full year 2021 guidance
inclusive of this acquisition.
Advisors
Norton Rose Fulbright acted as Ormat’s legal
advisor and Citi acted as its Financial Advisor
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 robust plans to accelerate
long-term growth in the energy storage market and to establish a
leading position in the U.S. energy storage market. 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. The Company has engineered,
manufactured and constructed power plants, which it currently owns
or has installed for utilities and developers worldwide, totaling
approximately 3,200 MW of gross capacity. Ormat leveraged its core
capabilities in the geothermal and REG industries and its global
presence to expand the Company’s activity into energy storage
services, solar Photovoltaic (PV) and energy storage plus Solar PV.
Ormat’s current total generating portfolio is 1.1 GW that comprises
of 1,015 MW of geothermal and Solar generating portfolio that is
spread globally in the U.S., Kenya, Guatemala, Indonesia, Honduras,
and Guadeloupe and 83 MW energy storage portfolio that is located
in the U.S.
ORMAT’S SAFE HARBOR STATEMENT
Information provided in this press release
contains 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 expected revenue and EBITDA contributions from
the acquired assets, the achievement of synergies, 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
filed with the Securities and Exchange Commission (“SEC”) on
February 26, 2021 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 LaviVP Corporate Finance and Head
of Investor Relations775-356-9029 (ext. 65726)slavi@ormat.com |
Investor Relations Agency Contact:Rob FinkFNK
IR646-809-4048rob@fnkir.com |
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