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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.
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