Ormat Technologies, Inc. ORA
announced today that Ormat Holding Corp., the Company's wholly owned
subsidiary, has sold its stake in the Momotombo Power Company (MPC), the
operator of the Momotombo geothermal power plant in Nicaragua, to a private
company for $7.5 million, approximately one year before the scheduled
termination of the concession arrangement with the Nicaraguan owner.
The 22MW power plant that the company operates under a concession since 1999
sells geothermal power to two off takers, DISNORTE and DISSUR, under a 15-year
contract. The $7.5 million consideration represents a prepayment of the
expected EBITDA of the plant through the scheduled expiration of the contract.
As a result of the sale, the Company expects to record a capital gain of
approximately $2.5 million in the second quarter of 2013.
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