Ormant sells Heber solar photovoltaic project for $35.25 million

Ormat has agreed to sell its Heber solar photovoltaic project located in Imperial County, Calif., to RET Holdings for $35.25 million.

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.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs