Ormat To Acquire Geothermal And Solar Assets For $271M
Portfolio Pulse from Shivani Kumaresan
Ormat Technologies Inc (ORA) has agreed to acquire a 150 MW portfolio from Enel Green Power North America for $271 million. The portfolio includes two operating geothermal power plants, a triple hybrid geothermal, solar PV and solar thermal power plant, and two greenfield development assets. The assets have generated an annual revenue of approximately $35 million and an EBITDA of about $24 million for the years 2020-2022. The acquisition is expected to close by Q1 2024.
October 23, 2023 | 2:29 pm
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Ormat's acquisition of a 150 MW portfolio from Enel Green Power North America for $271 million is expected to support the company's strategic portfolio expansion goals. The deal is expected to close by Q1 2024.
The acquisition is a strategic move for Ormat as it expands its portfolio and strengthens its position in the renewable energy market. The assets have been generating significant revenue and EBITDA, which could potentially boost Ormat's financial performance. However, the deal is expected to close by Q1 2024, so the impact may not be immediate.
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