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October 24, 2023

CT solar park included in $271M multi-state acquisition 

PHOTO | Pixabay.com
By Michelle Tuccitto Sullo

Renewable energy company Ormat Technologies Inc. announced Monday it plans to acquire geothermal and solar assets in Nevada, Utah and Connecticut for $271 million.

The Connecticut-based operation involved in the deal is the Woods Hill Solar PV Park in Pomfret, in Windham County.

Reno-based Ormat indicated it has entered into a purchase agreement with Enel Green Power North America, a subsidiary of Enel SpA, for the assets.

The 150MW portfolio acquisition is expected to close by the first quarter of 2024, subject to regulatory approvals and closing conditions, according to Ormat.

The company indicated it plans to enhance the acquired properties by improving their operations, profitability and generation, such as with new equipment.

Ormat said it expects to finance most of the purchase price through new long-term corporate debt.

In addition to the Connecticut solar facility, the acquisition will include the Cove Fort geothermal power plant in Utah, and three Nevada-based plants: Stillwater hybrid geothermal and solar plant; Salt Wells geothermal power plant; and Stillwater Solar PV II.

The plants have generated an annual revenue of about $35 million, according to Ormat.

Ormat reports that its current total generating portfolio is 1,277 MW, with a 1,107 MW geothermal and solar generation portfolio that is spread globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe, and a 170 MW energy storage portfolio in the U.S.

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