Ormat Technologies, Inc. (NYSE:ORA) agreed to acquire two contracted geothermal assets in Nevada from TG Geothermal Portfolio, LLC for approximately $380 million on May 21, 2021. Ormat will pay $171 million for 100% of the equity interests in a portfolio and will assume debt and associated lease obligations of approximately $206 million book value as of March 31, 2021. The purchase price is subject to a customary post-closing working capital adjustment based on the levels of net working capital of certain of the two contracted geothermal assets as of the closing of the transaction. Assets include, Two operating geothermal power plants in Nevada comprise of 56 Mega Watt Dixie Valley geothermal power plant, one of the largest geothermal power plants in Nevada, 11.5 Mega Watt Beowawe geothermal power plant. Rights to Coyote Canyon, a greenfield development asset adjacent to Dixie Valley with high resource potential. And an underutilized transmission line, capable of handling between 300MW and 400MW of 230KV electricity, connecting Dixie Valley to California. The two operating power plants sell electricity under PPAs. Ormat expects these assets to generate $55 million in revenue and approximately $37 million in EBITDA in 2022. The transaction is subject to customary conditions including regulatory, anti trust, receipt of certain third party consents. The purchase agreement may be terminated in certain circumstances, including if the Transaction has not been consummated by August 20, 2021. The deal is expected to close in the second half of 2021. Norton Rose Fulbright LLP served as a legal advisor and Citi acted as a Financial Advisor for Ormat Technologies. Ormat Technologies, Inc. (NYSE:ORA) completed the acquisition of Two Contracted Geothermal Assets in Nevada from TG Geothermal Portfolio, LLC on July 14, 2021.