Attached files
file | filename |
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8-K - FORM 8-K - ORMAT TECHNOLOGIES, INC. | y02525e8vk.htm |
EX-10.1.13 - EX-10.1.13 - ORMAT TECHNOLOGIES, INC. | y02525exv10w1w13.htm |
Exhibit 99.1
PRESS RELEASE
For Immediate Release |
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Ormat Technologies Contact:
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Investor Relations Contact: | |
Dita Bronicki
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Todd Fromer/ Marybeth Csaby | |
CEO and President
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KCSA Worldwide | |
+1-775-356-9029
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+212-896-1215 / 212-896-1236 | |
dbronicki@ormat.com
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tfromer@kcsa.com / mcsaby@kcsa.com |
Ormat Technologies, Inc. Announces Re-Purchase of Part-Ownership Interest in Certain of its
Geothermal Power Projects from an Institutional Equity Investor
RENO, Nevada, November 3, 2009 Ormat Technologies, Inc. (NYSE: ORA) today announced
that on October 30 its wholly-owned subsidiary, Ormat Nevada Inc., concluded the purchase of all of
the class B membership interests in OPC LLC held by Lehman-OPC LLC, an affiliate of Lehman Brothers
Inc., for a purchase price of $18.5 million. A substantial portion of the sale of the class B
membership interests by Ormat was accounted for as a financing. As a result, the repurchase of
these interests at a discount will result in a pre-tax gain of approximately $13 million in the
fourth quarter of 2009.
OPC LLC was initially established by Ormat Nevada to hold its Desert Peak 2, Steamboat Hills,
Galena 2, and Galena 3 geothermal power projects (all located in Nevada) jointly with Morgan
Stanley Geothermal LLC, an affiliate of Morgan Stanley & Co. Incorporated, and Lehman-OPC LLC, as
institutional equity investors.
The purchase from Lehman-OPC LLC of all of its class B membership interests was concluded pursuant
to a right of first offer in favor of each of the members of OPC LLC under its limited liability
company agreement. Ormat Nevada will continue to operate and maintain the projects and will
continue to receive initially all of the distributable cash flow generated by the projects until it
gets back the capital it has invested in the projects. In addition, in its capacity as a holder of
the acquired class B membership interests,
Ormat Nevada will now also be entitled to a share of the
production tax credits and the taxable income or loss, and the distributable cash flow after it has
received its return of capital.
About Ormat Technologies
Ormat Technologies, Inc. is the only vertically-integrated company primarily engaged in the
geothermal and recovered energy power business. The Company designs, develops, owns and operates
geothermal and recovered energy-based power plants around the world. Additionally, the Company
designs, manufactures and sells geothermal and recovered energy power units and other
power-generating equipment, and provides related services. The Company has more than four decades
of experience in the development of environmentally-sound power, primarily in geothermal and
recovered-energy generation. Ormat products and systems are covered by 75 U.S. patents. Ormat has
built over approximately 1,200 MW of plants half for its own account and half as supplies to
utilities and developers. Ormats current generating portfolio includes the following geothermal
and recovered energy-based power plants: in the United States Brady, Heber, Mammoth, Ormesa,
Puna, Steamboat, OREG 1, OREG 2 and Peetz; in Guatemala Zunil and Amatitlan; in Kenya Olkaria;
in Nicaragua Momotombo and in New Zealand GDL.
Ormats Safe Harbor Statement
Information provided in this press release may contain statements relating to current expectations,
estimates, forecasts and projections about future events that are forward-looking statements as
defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements
generally relate to Ormats plans, objectives and expectations for future operations and are based
upon its managements current estimates and projections of future results or trends. Actual future
results may differ materially from those projected as a result of certain risks and uncertainties.
For a discussion of such risks and uncertainties, see Risk Factors as described in Ormat
Technologies, Inc.s Annual Report on Form 10-K filed with the Securities and Exchange Commission
on March 2, 2009.
These forward-looking statements are made only as of the date hereof, and we
undertake no obligation to update or revise the forward-looking statements,
whether as a result of new information, future events or otherwise.
undertake no obligation to update or revise the forward-looking statements,
whether as a result of new information, future events or otherwise.
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