Ormat Acquires California Geothermal Plant

One of the world’s largest geothermal developers, Ormat, announced this week that it acquired a 50% stake in a power plant near Mammoth Lake, California. Ormat now owns the entire power plant, including the land, power rights, equipment and the right to add additional facilities on surrounding lands.

Ormat purchased the assets for $72.5 million from Constellation Energy. The Mammoth power plant includes three facilities developed in the late 1990s and early 1990s with a capacity of 29 MW.

In other news, Ormat announced that it was working with John Hancock Life Insurance to arrange a loan under the DOE’s loan guarantee program for three projects the company is developing in Nevada. The loans would be for $350 million.

Collectively, the three projects could have a capacity of between 60 and 120 MW, depending on the resource. Ormat expects the first phase of each project to be completed between 2011 and 2013.

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