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Divestiture • Renewable Energy

Ormat Technologies Acquires Terra-Gen Power - Two Contracted Geothermal Assets

On May 24, 2021, Ormat Technologies acquired renewable energy company Terra-Gen Power - Two Contracted Geothermal Assets from Terra-Gen for 171M USD

Acquisition Context
  • This is Ormat Technologies’ 1st transaction in the Renewable Energy sector.
  • This is Ormat Technologies’ largest (disclosed) transaction.
  • This is Ormat Technologies’ 4th transaction in the United States.
  • This is Ormat Technologies’ 1st transaction in Nevada.

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M&A Deal Summary
Date May 24, 2021
Target Terra-Gen Power - Two Contracted Geothermal Assets
Sector Renewable Energy
Buyer(s) Ormat Technologies
Sellers(s) Terra-Gen
Deal Type Divestiture
Deal Value 171M USD

Target Company

Terra-Gen Power - 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.
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Buyer Overview 1

Buyer

Ormat Technologies

Reno, Nevada, United States
Category Company
Founded 1965
Sector Utilities
Employees1,512
Revenue 880M USD (2024)
DESCRIPTION

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

Deal Context for Buyer #
Overall 4 of 5
Sector: Renewable Energy 1 of 1
Type: Divestiture 2 of 3
State: Nevada 1 of 2
Country: United States 4 of 5
Year: 2021 1 of 1
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-24 U.S. Geothermal

Boise, Idaho, United States

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.

Buy $110M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-06-18 Cyrq Energy - Blue Mountain Geothermal Power Plant

Reno, Nevada, United States

Cyrq Energy's Blue Mountain Geothermal Power Plant is a 20 MW net binary geothermal facility. Cyrq Energy's Blue Mountain Geothermal Power Plant is based in Reno, Nevada.

Buy $88M

Seller Profile 1

SELLER

Terra-Gen

New York, New York, United States
Category Company
Founded 2007
Sector Renewable Energy
DESCRIPTION

Terra-Gen is a renewable energy company focused on geothermal, wind and solar generation. Terra-Gen owns 744 MW (net equity) in 18 operating renewable energy projects across the Western United States. Terra-Gen was founded in 2007 and is based in New York City.

Deal Context for Seller #
Overall 2 of 2
Sector: Renewable Energy 2 of 2
Type: Divestiture 2 of 2
State: Nevada 1 of 1
Country: United States 2 of 2
Year: 2021 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-06-04 Terra-Gen Power - Alta Wind

California, United States

Terra-Gen Power LLC - Alta Wind is a provider of renewable energy services.

Sell -

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