Ormat Technologies, Inc. completed the acquisition of 150 MW Portfolio of Enel Green Power North America, Inc.
January 03, 2024
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Ormat Technologies, Inc. (NYSE:ORA) entered into a purchase agreement to acquire 150 MW Portfolio of Enel Green Power North America, Inc. for approximately $270 million on October 23, 2023. The 150 MW portfolio includes two contracted operating geothermal power plants and one triple hybrid geothermal, solar PV (20MW nameplate) 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. These acquired assets have collectively generated an annual revenue of approximately $35.0 million and an EBITDA of approximately $24.0 million for the years 2020-2022. Ormat expects to finance most of the purchase price through new long-term corporate debt. The acquisition is expected to close by the first quarter of 2024, subject to regulatory approvals and customary closing conditions. Jefferies acted as financial advisor to Enel Green Power.
Ormat Technologies, Inc. (NYSE:ORA) completed the acquisition of 150 MW Portfolio of Enel Green Power North America, Inc. on January 4, 2024. The overall transaction was funded through available cash, in combination with $200 million newly issued long-term corporate debt. The acquisition is expected to be immediately accretive to both revenues and EBITDA.
Ormat Technologies, Inc. is a geothermal company that is engaged in geothermal and recovered energy generation (REG). 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. It owns or has installed for utilities and developers worldwide, totaling approximately 3,200 megawatts (MW) of gross capacity. Its segments include Electricity Segment, Product Segment and Energy Storage Segment. Electricity segment develops, builds, owns, and operates geothermal and solar Photovoltaic (PV). Product segment designs, manufactures, and sells equipment for geothermal and recovered energy-based electricity generation. Energy Storage segment owns and operates a grid connected In Front of the Meter (IFM) Battery Energy Storage System (BESS) facilities. Its portfolio includes 1,385 MW with 1,215 MW geothermal and solar generation.