USA, Nevada: Ormat Sells Interest in 48 MW McGinness Hills Phase 3 Geothermal Power Plant

Ormat Announces Closing of $59.3 Million Partnership Transaction for McGinness Hills Phase 3 Geothermal Power Plant (News Release)

McGinness Hills Geothermal power plant, by Ian Crawford.
GRC Fieldtrip 2015

Ormat Technologies Inc. today announced that one of its wholly owned subsidiaries that owns the 48 MW McGinness Hills Phase 3 Geothermal power plant entered into a partnership agreement with a private investor.

Under the transaction documents, the private investor acquired membership interests in the project for an initial purchase price of approximately $59.3 million and for which it will pay additional annual installments that are expected to amount to a total of approximately $9 million. Ormat will continue to operate and maintain the power plant and will receive substantially all of the distributable cash flow generated by the power plant, and the private investor will receive substantially all of the tax attributes.

The McGinness Hills Phase 3 geothermal power plant, located in Lander County, Nevada, began commercial operation on December 15, 2018. The project sells its power under the 26-year Ormat Northern Nevada Geothermal Portfolio Power Purchase Agreement with Southern California Public Power Authority, which was announced in June 2017.

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Ormat Technologies Inc. will be exhibiting at the GRC Annual Meeting & Expo, 15-18 September at the Palm Springs Convention Center in Southern California, USA.