Geothermal developer Ormat Nevada, a subsidiary of Ormat Technologies, Inc. (NYSE: ORA), said it has agreed to sell its Heber solar photovoltaic project for $35.25 million. Ormat said the company sold the project located in Imperial County, Calif., to RET Holdings and has already obtained $15 million.
"The Heber Solar project, Ormat's first PV project in the U.S., was developed in a cost-effective way," Dita Bronicki, chief executive officer of Ormat, said in a statement. "We plan to continue monitoring the solar market and pursue opportunities for developing PV plants in locations where we can offer competitively priced power generation."
The plant has a 20-year power purchase agreement (PPA) with the Imperial Irrigation District (IID).
"RET is pleased to acquire this high-quality asset and looks forward to growing its business with new and existing asset partners," said John A. Bohn, chief executive officer and chairman of RET.
Ormat reported a total of more than 1.75 gigawatts of gross power production capacity around the world with plans for expansion in the U.S., Guatemala and Kenya. Recently, Ormat said its Olkaria III geothermal complex in Naivasha, Kenya, is now operational.