Under the transaction documents, the private investor acquired membership interests in the project for an initial purchase price of approximately $33.4 million and for which it will pay additional installments that are expected to amount to approximately $13 million. Ormat will continue to operate and maintain the power plant and will receive substantially all the distributable cash flow generated by the power plant.
The Tungsten Mountain geothermal power plant, located in Churchill County, Nevada, began commercial operation on December 1, 2017. Tungsten Mountain is the first power plant to sell its power under the 26-year Ormat Northern Nevada Geothermal Portfolio Power Purchase Agreement with Southern California Public Power Authority (SCPPA), which was announced in June 2017.
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