Ormat Technologies buys interest in Mammoth geothermal plant for US$72.5m
Mammoth Pacific geothermal power plant, Ormat/ Constellation (source: Mammoth Pacific)
Alexander Richter
3 Aug 2010
Ormat Technologies buys 50% stake from Constellation Energy in jointly owned Mammoth-Pacific, which owns and operates three geothermal plants with a total of 29MW.
In a release by Constellation Energy (NYSE:CEG), the company yesterday “announced the sale of its interests in the Mammoth Geothermal Plant near Mammoth Lakes, CA to a subsidiary of Ormat Technologies, Inc. (NYSE:ORA) for $72.5 million (approximately $5,000/kw).
Constellation Energy and ORMAT shared a 50-50 interest in Mammoth-Pacific, L.P. (MPLP), which owns and operates the three geothermal plants comprising the 29 MW facility. Constellation Energy’s involvement with MPLP dates to the mid-1980s. MPLP represented Constellation Energy’s last investment in the geothermal field. The company said the sale proceeds will be available for redeployment on strategic priorities.”
Source: Company release via BusinessWire
