Ormat now owns and operates U.S. Geothermal's three power plants at Neal Hot Springs, Oregon, San Emidio, Nevada and Raft River, Idaho with a total net generating capacity of approximately 38 MW. In addition, Ormat owns development assets held by US Geothermal, which include a project at the Geysers, California; a second phase project at San Emidio, Nevada; a greenfield project in Crescent Valley, Nevada; and the El Ceibillo project located near Guatemala City, Guatemala.
The operating assets sell power under existing power purchase agreements at favorable price terms for the electricity, with an aggregated contract capacity of 55 MW.
Ormat has announced plans to retain a number of U.S. Geothermal employees.
“We are certain that together with the skilled employees that we will retain we can achieve great accomplishment and improve the profitability of these operations and demonstrate the accretive value of this acquisition in the near term,” said Isaac Angel, CEO of Ormat Technologies.
On May 7, 2018, Ormat will issue financial results for the first quarter of 2018, at which time it will provide a more comprehensive update on full year 2018 guidance inclusive of this acquisition.
