Ormat Technologies raises $340 million in funding with successful share offer

Ormat Technologies raises $340 million in funding with successful share offer Dora 2 geothermal plant, Turkey (source: Ormat)
Alexander Richter 2 Dec 2020

Ormat Technologies has successfully closed a funding round raising $340 million net in an offering of additional shares in the company.

In a release this week, Ormat Technologies, Inc. (NYSE: ORA) announced the full exercise of the underwriters’ option to purchase an additional 622,500 shares of common stock at the public offering price of $74.00 per share in connection with the Company’s previously announced public offering of common stock. After giving effect to the full exercise of the option to purchase additional shares, the total number of shares sold by Ormat in the public offering was 4,772,500 shares resulting in net proceeds of approximately $340 million, after deducting underwriting discounts and commissions and estimated offering expenses payable by the Company.

“We are delighted to have successfully completed our public offering,” commented Doron Blachar, Ormat’s Chief Executive Officer. “I am pleased and proud that we have been able to secure investments from high-quality institutions within the United States and internationally. We look forward to continuing to create shareholder value while providing clean, renewable energy to customers and consumers around the world.”

Ormat intends to use the net proceeds from the offering for general corporate purposes, including working capital and capital expenditures, and for potential acquisitions, including complementary businesses, technologies or assets.

J.P. Morgan Securities LLC and BofA Securities acted as joint book-running managers for the offering. UBS Securities LLC is also acting as a joint book-running manager for the offering. Cowen, HSBC Securities (USA) Inc., Oppenheimer & Co. Inc. and Roth Capital Partners are acting as co-managers for the offering.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

The offering was made pursuant to an automatically effective shelf registration statement on Form S-3 (including a base prospectus and a related prospectus supplement) filed with the U.S. Securities and Exchange Commission.

Source: company release