Ormat On the Acquisition Trail August 01, 2008

Geothermal developer Ormat Technologies is on the hunt for strategic acquisitions and is working with Lehman Brothers to do so. The company has reportedly looked at a few targets but nothing has yet come to fruition. Dita Bronicki, ceo in Reno, Nev., would say only, "We're always interested if there are interesting opportunities." Lehman bankers wouldn't comment.
Targets on the geothermal side are scant, but one Ormat is said to have chased is Salton Sea, an inland saline lake in Imperial Valley, Calif., with some 500-600 MW of geothermal potential. On site are 10 generating units under long-term PPAs that produce electricity from naturally occurring geothermal steam. They are owned by MidAmerican ...