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Ormat Technologies secures tax equity deal for 5 geothermal facilities in Nevada


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Ormat Technologies secures tax equity deal for 5 geothermal facilities in Nevada

Ormat Technologies Inc. on Dec. 19 announced that it signed a tax equity deal with a financial investor for five geothermal power plants in eastern Nevada.

Ormat Nevada Inc. and ORPD LLC, through a jointly established new subsidiary OrLeaf LLC, entered a tax equity transaction for the following geothermal facilities: the McGinness Hills power plant complex in Lander County, Nev.; the Tuscarora plant in Elko County, Nev. and the Jersey Valley facility in Pershing County, Nev., which were wholly owned by Ormat Nevada before the deal; and the Don A. Campbell phase 2 power plant in Mineral County, Nev., which prior to the transaction was jointly owned 63.25% by Ormat Nevada and 36.75% by Northleaf Geothermal Holdings LLC, an affiliate of Northleaf Capital Partners Ltd.

The unnamed investor initially paid $62.1 million for the acquisition of interests in the new limited liability company to which the five geothermal facilities were transferred. Of the initial cash proceeds, Ormat Nevada's share is $55.2 million. Approximately $21 million in additional payment will be paid in installments through 2022, according to a company release.

Earlier this month, Ormat Nevada said it has won a $36 million engineering, procurement and construction contract from a subsidiary of Cyrq Energy Inc. to replace two power plants at Cyrq Energy's Soda Lake 3 geothermal project in Nevada.