Constellation Energy sells 14.5MW stake in Mammoth Geothermal assets to Ormat

Source: Constellation Energy

Constellation Energy (NYSE:CEG) announced the sale of its interests in the Mammoth Geothermal Plant near Mammoth Lakes, CA to a subsidiary of Ormat Technologies, Inc. (NYSE:ORA) for $72.5 million – the equivalent of approximately $5,000/kw. 

Constellation Energy and Ormat shared a 50-50 interest in Mammoth-Pacific, L.P. (MPLP), which owns and operates the three geothermal plants comprising the 29 MW facility. Constellation Energy’s involvement with MPLP dates to the mid-1980s. MPLP represented Constellation Energy’s last investment in the geothermal field. The company said the sale proceeds will be available for redeployment on strategic priorities. 

Constellation Energy is a leading supplier of energy products and services to wholesale and retail electric and natural gas customers. It owns a diversified fleet of generating units located in the United States and Canada, totaling approximately 9,000 megawatts of generating capacity, and is among the leaders pursuing the development of new nuclear plants in the United States.

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