Ormat selling stock to bankroll new acquisitions

US alternative energy company Ormat Technologies Inc (NYSE:ORA) has launched a public offering of common stock, seeking to raise financing for new acquisitions and general corporate needs.

The Reno, Nevada-based company said on Tuesday it will sell 3.6 million common shares in a transaction underwritten by Goldman Sachs & Co LLC. The deal gives the underwriter the option to buy up to an additional 540,000 shares of its common stock under a 30-day period.

The offering is subject to customary closing conditions and is due to be completed on March 16, 2023.

Funds from the placement will be earmarked for general corporate needs such as enhancing working capital and covering costs, as well as for the potential acquisition of businesses, technologies or assets.

Ormat is mainly involved in the production of geothermal power and also has solar and energy storage operations. Currently, it has a portfolio of 1,158 MW, including 1,070 MW of geothermal and solar capacity across the US, Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe as well as 88 MW of energy storage assets in the US.

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