As part of recent restructuring efforts, Ormat Technologies, Inc. (ORA) sold an interest in three of its assets to Northleaf, a Canadian independent global private equity and infrastructure manager. CEO Isaac Angel says Northleaf offered a price that reflected an 11 times multiple while the stock was trading at around eight times.
“Northleaf acquired 36.75% interest for approximately $162 million that will fuel our growth in the very near future,” Angel says.
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The restructuring efforts, including the Northleaf transaction, are intended to “unlock value for shareholders,” Angel says. Northleaf functions like yieldco, but it is private, so Angel says Ormat can flow more assets into the partnership or build new partnerships.
“As a matter of fact, Northleaf will be partnering in our expansion in the second phase of our Don Campbell power plants, which will be the fourth asset that we’ll bring in by the end of this year, and it will be priced separately,” he says.
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