Market Overview

Ormat Technologies Announces Partnership Deal for Eight Geothermal Plants, Valued at Up to $44.4M

Related ORA
Ormat, Alevo Report Will Jointly Build First Energy Storage Project in Texas
Mid-Day Market Update: Ixia Surges On Upbeat Results; Advisory Board Shares Slide

Ormat Technologies, Inc. (NYSE: ORA) announced today that Ormat Nevada Inc., a wholly-owned subsidiary (Ormat Nevada), and JPM Capital Corporation (JPM) entered into a tax equity partnership transaction involving eight geothermal power plants in California and Nevada.  

Under the transaction, Ormat Nevada transferred the plants into a new subsidiary, ORTP, LLC (ORTP), and sold an interest in the limited liability company to JPM. In connection with the closing, JPM paid approximately $35.7 million to Ormat Nevada and will make additional payments estimated by Ormat at approximately 25% of the value of production tax credits generated by the portfolio over time.  The additional payments are expected to be made until December 31, 2016 and total approximately $8.7 million.

Posted-In: News Contracts


Related Articles (ORA)

View Comments and Join the Discussion!