JTA NEWS
19 November 2017 - 2 Kislev 5778 - ב' כסלו ה' אלפים תשע"ח
JTA NEWS :
Japanese firm ORIX buys stake in Ormat Technologies E-mail

Geothermal energy company Ormat Technologies, Inc. announced in May that ORIX Corporation will acquire an ownership stake in Ormat.

ORIX will be purchasing approximately 11.0 million shares of Ormat common stock from FIMI ENRG Limited Partnership, FIMI ENRG, L.P. (collectively, FIMI), Bronicki Investments, Ltd., and senior members of management, representing in the aggregate an approximately 22.1% ownership position in the company.

Under the terms of a new Commercial Cooperation Agreement between the two companies, Ormat will have exclusive rights to develop, own, operate and provide equipment for ORIX geothermal energy projects in all markets outside of Japan. In addition, Ormat will have certain rights to serve as technical partner and co-invest in ORIX’s geothermal energy projects in Japan. Also, ORIX will assist Ormat in obtaining project financing for its geothermal energy projects from a variety of leading providers of renewable energy debt financing with which ORIX has relationships in Asia and around the world.

Ormat was originally founded and established by Israelis Judith and Yehuda (Lucien) Bronicki in 1965. Its main business is geothermal energy – both the construction of geothermal power plants for customers and the operation of its own plants. In recent years the company has expanded its activity to energy storage.

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