Topic: How To Invest

Spinoffs & Takeovers Hotline – Friday, July 31, 2020

Article Excerpt

ORMAT TECHNOLOGIES INC., $59.50, symbol ORA on New York, is a Nevada-based renewable energy company that generates 75% of its revenue from building and operating geothermal plants. The rest comes from manufacturing geothermal and other recovered energy equipment. Nearly two thirds of Ormat’s capacity is in the U.S., with the balance in Africa and Central America. Nearly all the plants have long-term contracts with local utilities. On July 21, 2020, the company announced that it had acquired the Pomona energy storage facility from AltaGas Power Holdings (a subsidiary of Canada-based AltaGas Ltd., symbol ALA on Toronto, and a recommendation of our Power Growth Investor newsletter). It paid $47 million. In operation since December 2016, Pomoma is a 20 MW/80MWh facility that operates under a 10-year contract with the Southern California Edison Company. (Note: battery storage is often expressed in megawatts [MW] as the maximum charge/discharge power capability; the amount of energy capable of being stored is expressed in megawatt-hours [MWh].) The Pomona energy storage…

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