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Ormat completes deal for Nev. geothermal power plant

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Ormat completes deal for Nev. geothermal power plant

An Ormat Technologies Inc. subsidiary completed the sale of membership interests in the 48-MW McGinness Hills 3 geothermal facility to a private investor for about $59.3 million.

Under the partnership agreement, the private investor will pay additional annual installments totaling up to approximately $9 million, Ormat said in an Aug. 21 news release.

The Reno, Nev.-headquartered company will operate and maintain the power plant, in Lander County, Nev., and will receive the distributable cash flow generated, while the private investor will receive all the tax attributes.

"This transaction allows us to efficiently utilize tax incentives available to geothermal projects and create value for our shareholders," Ormal CEO Isaac Angel said in the news release.

McGinness Hills Phase 3 started operations on Dec. 15, 2018, and sells its output to the Southern California Public Power Authority under a 26-year power purchase agreement.