Ormat Finalizes Acquisition of Operational Geothermal and Solar Assets from Enel Green Power North America

Ormat Technologies, Inc., a leading renewable energy company, has completed the acquisition of a portfolio of geothermal and solar assets from Enel Green Power North America (EGPNA). EGPNA is a subsidiary of Enel SpA (ENEL.MI, LLC). As per the terms of the agreement, Ormat has 100% equity interest in the portfolio assets for USD 271 million. The projects are located in Nevada, Utah, Connecticut and California

The portfolio consists of two contracted operating geothermal power plants and one triple hybrid geothermal, solar PV and solar thermal power plant with a total capacity of 40 MW and Solar PV of 20MW, two Solar assets with a total nameplate capacity of 40 MW, and two greenfield development assets. The transaction was funded through cash along with $200M newly issued long-term corporate debt.

Doron Blachar, CEO of Ormat Technologies said, “Ormat is pleased to close this transaction and begin capturing the value of these assets for our shareholders. The acquired assets will be immediately accretive to Ormat’s profitability, and we expect to improve the generation, revenues and EBITDA performance through a series of value-enhancement initiatives, including the integration of Ormat’s own state-of-the-art equipment. We look forward to integrating these attractive geothermal and solar assets into our existing portfolio and translating our results into enhanced shareholder value creation in both the near-and long-term. This deal serves as a testimony to our team’s execution as well as Ormat’s position as a leader in the renewable energy space, while reflecting our ongoing commitment to advancing renewable power solutions, globally.”