Renewables

Ormat unit enters geothermal energy partnership

Ormat Nevada Inc., a subsidiary of Ormat Technologies Inc. (NYSE: ORA) announced that the company and JPM Capital Corp. entered into a tax equity partnership transaction involving eight geothermal power plants in California and Nevada.

Ormat Nevada transferred the plants into a new subsidiary, ORTP LLC, and sold an interest in the LLC to JPM. JPM paid approximately $35.7 million to Ormat Nevada and will make additional payments estimated at 25 percent of the value of production tax credits until December 31, 2016, and will total approximately $8.7 million. Ormat Nevada will continue to operate and maintain the power plants.

Read more geothermal energy news