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ORA

Ormat Technologies

$48.03

1.03 (2.19%)

07:07
11/23/16
11/23
07:07
11/23/16
07:07

Ormat closes follow-on sale of interest in second phase of geothermal plant

Ormat Technologies announced that its wholly-owned subsidiary, Ormat Nevada Inc., closed a follow-on equity transaction with Northleaf Capital Partners. Northleaf purchased a 36.75% equity interest in the second phase of the Don A. Campbell power plant for a purchase price of $44.2M. The 20.5 MW second phase of the Don A. Campbell geothermal power plant commenced operation in September 2015 and sells its electricity to Southern California Public Power Authority under a 20-year Power Purchase Agreement. Following the closing, the power plant was contributed to the existing ORPD joint venture, as agreed upon under the terms of ORPD's limited liability company agreement executed by Ormat and Northleaf on April 30, 2015. The purchase price of $44.2M implies a total transaction value of approximately $120M and represents approximately 11.5x multiple on the second phase of Don A. Campbell's 2016 estimated EBITDA and adjusted EBITDA.

  • 12

    Dec

  • 13

    Dec

ORA Ormat Technologies
$48.03

1.03 (2.19%)

07/27/16
ROTH
07/27/16
INITIATION
Target $50
ROTH
Buy
Ormat Technologies initiated with a Buy at Roth Capital
Roth Capital analyst Gerry Sweeny initiated Omat Technologies with a Buy and $50 price target.
07/28/16
07/28/16
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Cray (CRAY) initiated with an Overweight at Pacific Crest. 2. Fate Therapeutics (FATE) assumed with a Buy at H.C. Wainwright. 3. Super Micro Computer (SMCI) initiated with a Sector Weight at Pacific Crest. 4. Stamps.com (STMP) re-initiated with a Buy at Roth Capital. 5. Ormat Technologies (ORA) initiated with a Buy at Roth Capital. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
08/04/16
ROTH
08/04/16
NO CHANGE
Target $54
ROTH
Buy
Ormat Technologies price target raised to $54 from $50 at Roth Capital
Roth Capital analyst Gerry Sweeney raised his price target for Ormat Technologies to $54 from $50, citing Electricity margin expansion and improved product backlog driven by the company's development pipeline. The analyst reiterates a Buy rating on the shares.
09/07/16
OPCO
09/07/16
INITIATION
Target $54
OPCO
Outperform
Ormat Technologies initiated with an Outperform at Oppenheimer
Oppenheimer analyst Noah Kaye initiated Ormat Technologies with an Outperform rating and $54 price target.

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