Ormat Completed the Acquisition of TG Geothermal Portfolio, LLC; Increasing Its Total Operating Portfolio to 1.1 GW
July 14, 2021 07:15 ET
| Source:
Ormat Technologies, Inc.
Ormat Technologies, Inc.
Reno, Nevada, UNITED STATES
RENO, Nev., July 14, 2021 (GLOBE NEWSWIRE) -- 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.