A subsidiary of Ormat Technologies Inc. sold a membership stake in the 26-MW Tungsten Mountain Geothermal II facility in Nevada to an unnamed private investor for an initial price of approximately $33.4 million.
The investor will pay additional installments amounting to approximately $13 million, according to a May 22 news release. "We are excited to close another partnership transaction that enable us to better benefit from tax incentives available to geothermal projects," Ormat CEO Isaac Angel said in a statement.
Ormat will continue to operate and maintain the facility and will receive substantially all the distributable cash flow generated by Tungsten. Located in Churchill County, the plant started operations in December 2017. The facility sells its output to Southern California Public Power Authority under a 26-year contract, which resells the entire output to the Los Angeles Department of Water and Power.
