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.
I encourage readers to check out this tongue-in-cheek ad for plant-based meat.
There is a maxim in marketing warning against “promoting the enemy line,” this is so clever, I can see where it could be quite effective.
As we all know, the GOP will stop at nothing to win the midterms, thus making it impossible to remove the sociopathic criminal from the White House.
But did any of us see this coming?
Macabre.
I just met a woman who’s been a flight attendant for Delta Airlines since the early 1990s, who laments that her company has been ruined by corporate greed, which has trashed so many other things in our lives.
As it turns out, the CEO makes more than $20 million per year, largely based on bonuses associated with cutting costs. “Now we have tray tables that don’t work and seatbacks that don’t recline, and nobody even thinks about fixing them.”
She went on, “This shift has been particularly obvious in the case of Delta, which, when I started with them, was known for its southern charm and the feeling of welcoming its passengers. Now, that gone. It’s like it never existed.”
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