The portfolio includes two contracted operating geothermal power plants and one triple hybrid geothermal, solar PV (20MW nameplate) and solar thermal power plant.

The total generation capacity of the above assets is about 43 MW, two Solar assets with a total nameplate capacity of 40 MW, and two greenfield development assets.

The deal is expected to support Ormat’s strategic portfolio expansion goals.

These acquired assets have collectively generated an annual revenue of approximately $35.0 million and an EBITDA of about $24.0 million for the years 2020-2022.

The acquisition is expected to close by the first quarter of 2024.

ORA held $275.1 million in cash and equivalents as of June 30, 2023.

Price Action: ORA shares are trading lower by 0.07% at $66.42 on the last check Monday.