Ormat Technologies has closed the previously announced acquisition of a portfolio of geothermal and solar assets from Enel Green Power North America (EGPNA), a subsidiary of Enel SpA.
Under the agreement, Ormat paid $271 million for 100% of the equity interest in the portfolio assets that include two contracted operating geothermal power plants and one triple hybrid geothermal, solar PV and solar thermal power plant with a total geothermal capacity of approximately 40 MW and solar PV of 20 MW, two solar assets with a total nameplate capacity of 40 MW and two greenfield development assets.
The overall transaction was funded through available cash, in combination with $200M newly issued long-term corporate debt.
“The acquired assets will be immediately accretive to Ormat’s profitability, and we expect to improve the generation, revenues and EBITDA performance through a series of value-enhancement initiatives, including the integration of Ormat’s own state-of-the-art equipment,” says Doron Blachar, CEO of Ormat.
“We look forward to integrating these attractive geothermal and solar assets into our existing portfolio and translating our results into enhanced shareholder value creation in both the near-and long-term. This deal serves as a testimony to our team’s execution as well as Ormat’s position as a leader in the renewable energy space, while reflecting our ongoing commitment to advancing renewable power solutions, globally.”
The post Ormat Completes Asset Acquisition From EGPNA appeared first on Solar Industry.
When 2GreenEnergy was launched in 2009, there was still some talk about flywheels as potentially scalable solutions for energy storage. But in the last 10 years, no one’s heard a peep about this subject from any credible source.
Of course, now we have charlatans coming out of the woodwork, calling on idiots to invest in clean energy “technologies” that are totally nonsensical, like these conmen.
In today’s world where honesty is a joke, you can count on criminal liars to emerge from the shadows to rip off a few (or many) idiots.
It’s interesting that the countries that have the highest levels of education have the lowest levels of crime.
Some have suggested that the United States deliberately under-educates its people so as to fill its for-profit prisons. I’m not so cynical, but it’s clear that we care very little about educating our masses, and we seem to accept higher rates of crime than our more progressive counterparts.
Nations in Northern Europe and elsewhere around the world are tearing down their prisons, because so few of their people turn to crime. No one is hungry, impoverished, or living on the streets.
We regard the underclass as animals; others regard everyone as a human being.
This asshole’s only strength is his ability to prey on Americans’ ignorance, in this case, failure to understand that the platforms of the Republicans and Democrats flipflopped in the early 20th Century.
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