Akin Gump Advises Northleaf Capital Partners in Sale of Geothermal Power Plant Stake
(Los Angeles) – Ormat Technologies, Inc. has announced that its wholly-owned subsidiary, Ormat Nevada Inc. (Ormat), closed a follow-on equity transaction with Northleaf Capital Partners. Akin Gump advised Northleaf in the transaction, in which it purchased a 36.75 percent equity interest in the second phase of the Don A. Campbell power plant for a purchase price of $44.2 million.
The 20.5 MW second phase of the Don A. Campbell geothermal power plant commenced operation in September 2015 and sells its electricity to Southern California Public Power Authority under a 20-year power purchase agreement. Following the closing, the power plant was contributed to the existing joint venture company between affiliates of Northleaf and Ormat, which owns certain other geothermal assets.
Edward Zaelke, chair of Akin Gump’s global project finance practice, led the team advising Northleaf.
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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