Ormat Technologies will report a pretax gain of $7 million on the sale of Haber Solar.
Ormat Industries Ltd. (TASE: ORMT) has sold its Heber Solar project in California to RET Holdings LLC for $35.25 million. Ormat owned the photovoltaic project through Ormat Technologies Inc. (NYSE: ORA) unit Ormat Nevada Inc. Ormat Technologies will report a pretax gain of $7 million on the sale.
Construction of the Haber Solar project began in 2011, and it has a 20-year power purchase agreement for 10 megawatts with the Imperial Irrigation District in California. It was Ormat's first photovoltaic project in the US.
"We plan to continue monitoring the solar market and pursue opportunities for developing photovoltaic plants in locations where we can offer competitively priced power generation," said Ormat CEO Yehudit Bronicki.
Published by Globes [online], Israel business news - www.globes-online.com - on March 27, 2014
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