Attached files
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8-K - FORM 8-K - ORMAT TECHNOLOGIES, INC. | y89583e8vk.htm |
Exhibit
99.1
PRESS RELEASE
Ormat Technologies Contact: |
Investor Relations Contact: | |
Dita Bronicki |
Marybeth Csaby/Rob Fink | |
CEO |
KCSA Strategic Communications | |
775-356-9029 |
212-896-1236 (Marybeth) /212-896-1206 (Rob) | |
dbronicki@ormat.com |
mcsaby@kcsa.com/rfink@kcsa.com |
Ormat Announces Refinancing of $24.9 million in Tax Equity Transaction for OPC Power Plants
RENO, Nevada, February 7, 2011 Ormat Technologies, Inc. (NYSE: ORA) announced today that
its subsidiary, Ormat Nevada Inc. (Ormat Nevada) has completed $24.9 million tax equity
transaction with JPM Capital Corporation (JPM).
JPM acquired from Ormat Nevada 30% of the Class B membership interests in OPC LLC (OPC), a
Delaware limited liability company. OPC was initially established by Ormat Nevada to hold its
Desert Peak 2, Steamboat Hills, Galena 2, and Galena 3 geothermal power plants (all located in
Nevada) jointly with Morgan Stanley Geothermal LLC, an affiliate of Morgan Stanley & Co.
Incorporated, and Lehman-OPC LLC, as institutional equity investors. Ormat acquired all of Lehmans
Class B membership interests in OPC on October 30, 2009 for a purchase price of $18.5 million and
recorded a pre-tax gain of $13.3 million. Ormat Nevada will not record any gain from the
acquisition by JPM of its Class B membership interests in OPC.
Dita Bronicki, CEO of Ormat Technologies said: We are happy about the opportunity to establish
long lasting investment relations with sophisticated investors such as JPM in our projects, and
appreciate the confidence JPM has in our technology and in our ability to operate geothermal assets
in a sustainable manner.
About Ormat Technologies
Ormat Technologies, Inc. is the only vertically-integrated company primarily engaged in the
geothermal and recovered energy power business. The Company designs, develops, owns and operates
geothermal and recovered energy-based power plants around the world. Additionally, the Company
designs, manufactures and sells geothermal and recovered energy power units and other
power-generating equipment, and provides related services. The Company has more than four decades
of experience in the development of environmentally-sound power, primarily in geothermal and
recovered-energy generation. Ormat products and systems are covered by 75 U.S. patents. Ormat has
engineered and built power plants, that it currently owns or has supplied to utilities and
developers worldwide, totaling approximately 1,300 MW of gross capacity. Ormats current
generating portfolio includes the following geothermal and recovered energy-based power plants: in
the United States Brady, Brawley, Heber, Mammoth, Ormesa, Puna, Steamboat, OREG 1, OREG 2, OREG 3
and OREG 4; in Guatemala Zunil and Amatitlan; in Kenya Olkaria III; and, in Nicaragua -
Momotombo.
Ormats Safe Harbor Statement
Information provided in this press release may contain statements relating to current expectations,
estimates, forecasts and projections about future events that are forward-looking statements as
defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements
generally relate to Ormats plans, objectives and expectations for future operations and are based
upon its managements current estimates and projections of future results or trends. Actual future
results may differ materially from those projected as a result of certain risks and uncertainties.
For a discussion of such risks and uncertainties, see Risk Factors as described in Ormat
Technologies, Inc.s Annual Report on Form 10-K filed with the Securities and Exchange Commission
on March 8, 2010.
These forward-looking statements are made only as of the date hereof, and we undertake no
obligation to update or revise the forward-looking statements, whether as a result of new
information, future events or otherwise.
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