Ormat Technologies to acquire assets in Nevada, Utah, Connecticut for $271M

Ormat Technologies (ORA) announced that it has entered into a purchase agreement with Enel Green Power North America, EGPNA, a subsidiary of Enel SpA (ENLAY), to acquire a 150 MW portfolio, which includes two contracted operating geothermal power plants and one triple hybrid geothermal, solar PV and solar thermal power plant with a total generation of approximately 43 MW, two Solar assets with a total nameplate capacity of 40 MW, and two greenfield development assets, for a total of $271 million. The acquisition of these US-based operating geothermal and solar assets supports Ormat’s strategic portfolio expansion goals. The acquisition is expected to close by the first quarter of 2024, subject to regulatory approvals and customary closing conditions. The acquired assets include: Cove Fort geothermal power plant ; Stillwater Hybrid geothermal and solar; Salt Wells geothermal power plant; Stillwater Solar PV II; Woods Hill Solar PV Park; Greenfield development projects. These acquired assets have collectively generated an annual revenue of approximately $35.0 million and an EBITDA1 of approximately $24.0 million for the years 2020-2022. Ormat is committed to a series of value-enhancing growth initiatives for these assets, which include: Enhancement and optimization of Cove Fort, Stillwater, and Salt Wells; Expansion of Cove Fort; Development of two green fields