News

Ormat seeks investors for stakes in U.S. geothermal plants

Galena 2 plant, United States (source: Ormat)
Alexander Richter 30 Apr 2014

Ormat Technologies is in discussions about the sale of minority stakes in part of its U.S. geothermal plants, according to Reuters, hoping to raise between $150 and $200 million.

Reported this morning by Reuters, Ormat Technologies – as part of general fund raising efforts – is considering “bringing in equity partners for a small number of its U.S. assets.”

The company plans to remain in majority in and continue to operate those projects with a sale of up to 49 percent of the power plants in question.

While potential investors have been examining the assets, so Ormat, discussions are in early stages with no binding offer so far on the table.

“The company cannot estimate the amount of money to be raised, the timing or the likelihood that a deal will be completed,” Ormat said.

The company expects to raise between $150-250 million from these sales efforts.

Source: Reuters