Ormat to Sell Stakes in Geothermal Plants to Northleaf Capital

(Bloomberg) — Ormat Technologies Inc., a U.S. developer of
geothermal energy, agreed to sell a minority stake in some power
plants to Northleaf Capital Partners for $175 million.

Ormat is putting plants with 106 megawatts of capacity into
a joint venture that will be 40 percent-owned by Northleaf,
Reno, Nevada-based Ormat said in a statement Thursday. The
transaction is expected to close this quarter.

The joint venture will include geothermal plants in Hawaii
and Nevada and as well as recovered-energy facilities that
convert waste heat at industrial sites into electricity,
according to the statement. Ormat will operate and maintain the
facilities.

Ormat will use the proceeds “to support future growth”
and repay existing debt.

To contact the reporter on this story:
Justin Doom in New York at
jdoom1@bloomberg.net

To contact the editors responsible for this story:
Will Wade at
wwade4@bloomberg.net
Robin Saponar

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