Sale Reached for 30 MW Geothermal Assets

April 27, 2004 [SolarAccess.com] Constellation Energy and Ormat Nevada, a subsidiary of Ormat Technologies, announced the signing of a definitive agreement on the sale of Constellation’s Puna Geothermal Venture in Pahoa, Hawaii to Ormat. Under the terms of the transaction, a wholly owned subsidiary of Ormat will acquire the 30 megawatt geothermal power plant and associated assets. Late last year, Constellation Energy announced its intention to explore strategic alternatives for the Puna Geothermal Venture as part of its ongoing efforts to maximize the value of its generation fleet and match power generation assets with its presence in competitive electricity markets throughout the U.S. Ormat has been actively looking for opportunities to expand its geothermal base in the U.S.
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