Ormat Technologies Inc. wholly-owned subsidiary Ormat Nevada Inc. has achieved financial closure for the previously announced joint venture with Northleaf Capital Partners.
Ormat Nevada Inc. agreed with Northleaf in February to contribute a number of geothermal and recovered energy generation power plants into a newly joint venture. Northleaf holds a 36.75% equity interest in the JV. The power plants that will be contributed to the JV as part of the transaction include Ormat’s Puna geothermal power plant in Hawaii, the Don A. Campbell geothermal power plant in Nevada, and nine power plant units across three recovered energy generation assets known as OREG 1, OREG 2, and OREG 3.
Ormat will be paid US$162.3 million for the plants and will continue to consolidate the JV and its assets, and will continue to provide day-to-day management control, operations and maintenance control over the projects.
The purchase price is US$442 million.