ORMAT Technologies completed the acquisition of geothermal and solar portfolio from Enel for $271m.

ORMAT Technologies, a global provider of renewable energy solutions, completed the acquisition of the geothermal and solar portfolio from Enel, a manufacturer and distributor of electricity and gas, for $271m. “Ormat is pleased to close this transaction and begin capturing the value of these assets for our shareholders. The acquired assets will be immediately accretive to Ormat’s profitability, and we expect to improve the generation, revenues and EBITDA performance through a series of value-enhancement initiatives, including the integration of Ormat’s own state-of-the-art equipment. We look forward to integrating these attractive geothermal and solar assets into our existing portfolio and translating our results into enhanced shareholder value creation in both the near-and long-term. This deal serves as a testimony to our team’s execution as well as Ormat’s position as a leader in the renewable energy space, while reflecting our ongoing commitment to advancing renewable power solutions, globally," Doron Blachar, Ormat CEO.