Ormat Sells Heber Solar PV Project for $35.25 Million (StreetInsider.com)
Ormat Technologies, Inc. today announced that its wholly owned subsidiary, Ormat Nevada, Inc., signed an agreement with RET Holdings, LLC to sell the 10.8 MWe photovoltaic Heber Solar project in Imperial County, California for $35.25 million.
GRC Patron member Ormat received the first payment of $15 million with the remainder expected to be paid in the second quarter of 2014, subject to fulfillment of certain milestones. As a result of the sale, Ormat will record a pre-tax gain of approximately $7.0 million.
The project, which started development in 2011 next to the Heber geothermal plant, has a 20-year Power Purchase Agreement (PPA) with the Imperial Irrigation District (IID) for 10 MW of solar photovoltaic (PV) energy.
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