M&A Deal Summary

Ormat Technologies Acquires U.S. Geothermal

On January 24, 2018, Ormat Technologies, Inc. acquired utilities company U.S. Geothermal, Inc. for 110M USD

Acquisition Highlights
  • This is Ormat Technologies’ 1st transaction in the Utilities sector.
  • This is Ormat Technologies’ 2nd largest (disclosed) transaction.
  • This is Ormat Technologies’ 3rd transaction in the United States.
  • This is Ormat Technologies’ 1st transaction in Idaho.

M&A Deal Summary

Date 2018-01-24
Target U.S. Geothermal, Inc.
Sector Utilities
Buyer(s) Ormat Technologies, Inc.
Deal Type Add-on Acquisition
Deal Value 110M USD
Advisor(s) ROTH Capital Partners LLC (Financial)
Dorsey & Whitney LLP (Legal)

Target

U.S. Geothermal, Inc.

Boise, Idaho, United States
website
U.S. Geothermal, Inc. is a geothermal company 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.

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Buyer(S) 1

Buyer

Ormat Technologies, Inc.

Reno, Nevada, United States

website


Category Company
Founded 1965
SectorUtilities
Employees1,402
Revenue 705M USD (2020)
DESCRIPTION

Ormat is an owns, operates, designs, manufactures and sells geothermal and REG power plants. Ormat was founded in 1965 and is based in Reno, Nevada.


DEAL STATS #
Overall 3 of 4
Sector (Utilities) 1 of 1
Type (Add-on Acquisition) 2 of 2
State (Idaho) 1 of 1
Country (United States) 3 of 4
Year (2018) 1 of 1
Size (of disclosed) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-01-03 Viridity Energy, Inc.

Philadelphia, Pennsylvania, United States

Viridity Energy, Inc. is a provider of software solutions for energy profiles in US.

Buy $35M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-05-24 Terra-Gen Power LLC - Two Contracted Geothermal Assets

Nevada, United States

Terra-Gen Power's Two Contracted Geothermal Assets provides 56 MW (net) Dixie Valley geothermal power plant, one of the largest geothermal power plants in Nevada. Dixie sells its electricity generation to Southern California Edison (SCE) under a long term PPA expiring in 2038 and 11.5 MW Beowawe geothermal power plant that sells its electricity generation to NV Power, Inc. under a PPA expiring in December 2025.

Buy $171M