Akin Gump Advises Northleaf Capital Partners in $175 Million Deal with Ormat Technologies
(Los Angeles) – Akin Gump advised Northleaf Capital Partners in a binding agreement with Ormat Nevada Inc., a wholly-owned subsidiary of Ormat Technologies, Inc., under which Ormat Nevada will contribute certain geothermal and recovered energy generation power plants into a newly established holding company subsidiary. Northleaf, an independent global private equity and infrastructure manager, will acquire an approximately 40 percent equity interest in the joint venture.
Ormat will raise approximately $175 million from the transaction, which is valued at $438 million. The deal is expected to close in the first quarter of the year, subject to customary closing conditions.
Ed Zaelke, partner and chair of Akin Gump’s global project finance practice, and Courtney Matsuishi, counsel in the practice, led the team advising Northleaf Capital Partners. They were joined by tax partner David Burton; global project finance senior counsel Bill Salamandrakis; energy regulation, markets and enforcement partner Chip Cannon; environment and natural resources counsel Fredricka Dorrohl; and global project finance associate Rodion Emelyan.
Founded in 1945, Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.
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