Ormat Technologies, Inc. entered into a definitive agreement to acquire substantially all of the business and assets of Viridity Energy, Inc. from AltEnergy, LLC and others for $48 million.
January 02, 2017
Share
Ormat Technologies, Inc. (NYSE:ORA) entered into a definitive agreement to acquire substantially all of the business and assets of Viridity Energy, Inc. from AltEnergy, LLC and others for $48 million on January 3, 2017. Ormat will pay an initial cash consideration of $35.3 million at closing and additional contingent consideration with an estimated fair value of $12.8 million will be payable in two installments upon the achievement of certain performance milestones measured at the end of fiscal years 2017 and 2020. The acquired business and assets are operated by Viridity. Consideration is subject to adjustment. The acquisition is expected to close early 2017.
Ormat Technologies, Inc. is a geothermal company that is engaged in geothermal and recovered energy generation (REG). The Company owns, operates, designs, manufactures and sells geothermal and REG power plants primarily based on the Ormat Energy Converter, a power generation unit that converts low, medium and high-temperature heat into electricity. It owns or has installed for utilities and developers worldwide, totaling approximately 3,200 megawatts (MW) of gross capacity. Its segments include Electricity Segment, Product Segment and Energy Storage Segment. Electricity segment develops, builds, owns, and operates geothermal and solar Photovoltaic (PV). Product segment designs, manufactures, and sells equipment for geothermal and recovered energy-based electricity generation. Energy Storage segment owns and operates a grid connected In Front of the Meter (IFM) Battery Energy Storage System (BESS) facilities. Its portfolio includes 1,385 MW with 1,215 MW geothermal and solar generation.
Ormat Technologies, Inc. entered into a definitive agreement to acquire substantially all of the business and assets of Viridity Energy, Inc. from AltEnergy, LLC and others for $48 million.
ORMAT TECHNOLOGIES, INC. 
