(Source: Shutterstock.com)
Ormat Technologies has acquired a portfolio of solar assets in four U.S. states from Enel Green Power North America subsidiary Enel SpA for $271 million, according to a Jan. 4 news release.
The acquired portfolio also includes two contracted operating geothermal power plants and one triple hybrid geothermal, solar photovoltaic (PV) and solar thermal power plant. The geothermal plant has approximately 40 megawatts (MW) of capacity; Solar PV has 20 MW; two solar assets have a nameplate capacity of 40 MW; and two greenfield assets are in development.
The assets are in Nevada, Utah, Connecticut and California and increase Ormat’s electricity segment generated portfolio to 1,215 MW.
The overall transaction was funded through available cash, in combination with $200 million in newly issued long-term corporate debt.
The acquisition is expected to be immediately accretive to both revenues and EBITDA. Ormat said it intends to further improve the performance of the acquired asset portfolio through a series of operational enhancement and optimization initiatives.
Doron Blachar, CEO of Ormat Technologies, said the close of the transactions will begin adding to the company’s shareholders.
“The acquired assets will be immediately accretive to Ormat’s profitability, and we expect to improve the generation, revenues and EBITDA performance through a series of value-enhancement initiatives, including the integration of Ormat’s own state-of-the-art equipment,” Blachar said.
Recommended Reading
Six New Dean Wildcats Come With 95% Oil in Northern Midland Basin
2025-02-21 - SM Energy reported geologic variability in deposition in the new play in southern Dawson County, Texas, but “it's really competitive.”
Vital, SM: Woodford-Barnett Wildcats Flush with Barrels in Southern Midland
2025-02-25 - An initial SM Energy test made 250,000 boe in its first eight months online. Vital Energy is reporting more than 150,000 gross boe per 10,000 ft of lateral in its first-six-month output.
E&Ps IP’ing 76%-Plus Oil from New Irion County Wells in Midland Basin
2025-04-14 - Drillers in Irion County are stepping up the pace this year, D&C’ing already as many wells as were brought online in all of 2024. The county has a “bad reputation” for being gassy but is showing up with 76%-plus oil wells.
SM’s First 18 Uinta Wells Outproducing Industry-Wide Midland, South Texas Results
2025-02-20 - Shallow tests came on with 685 boe/d, 95% oil, while deeper new wells averaged 1,366 boe/d, 92% oil, from two-mile laterals, SM Energy reported.
Comstock Doubling Rigs as Western Haynesville Mega-Wells’ Cost Falls to $27MM
2025-02-19 - Operator Comstock Resources is ramping to four rigs in its half-million-net-acre, deep-gas play north of Houston where its wells IP as much as 40 MMcf/d. The oldest one has produced 18.4 Bcf in its first 33 months.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.