Tuesday, May 22, 2018

USA, Nevada: Private Investor Buys Into Tungsten Mountain Geothermal Power Plant

Ormat Announces Closing of $33.4 Million Partnership Transaction for Tungsten Mountain Geothermal Power Plant (News Release)

Ormat Technologies Inc. today announced that one of its wholly-owned subsidiaries that indirectly owns the 26 MW Tungsten Mountain 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 $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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