---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-23-028865"
form_type: "8-K"
ticker: "ORA"
cik: "0001296445"
company_name: "ORMAT TECHNOLOGIES, INC."
filed_at: "2023-10-24T23:59:59+00:00"
generated_at: "2026-06-09T13:32:44.083577+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Ormat acquires 150 MW geothermal/solar portfolio from Enel for $271M; Q1 2024 close

## Summary
- Purchase price $271M; expected to finance via new long-term corporate debt.
- Assets include Cove Fort, Stillwater hybrid, Salt Wells, two solar PV parks, two greenfield projects.
- Plans $55M investment to enhance 3 geothermal plants, adding ~17 MW and $15M EBITDA in 12-24 months.
- Cove Fort expansion of 20 MW planned within 5 years; deal carries ~8x EV/EBITDA multiple.
- Acquisition accretive; Ormat expects to improve operations, profitability, and generation.

## SEC filing metadata
- accession: 0001437749-23-028865
- form_type: 8-K
- ticker: ORA
- cik: 0001296445
- company_name: ORMAT TECHNOLOGIES, INC.
- filed_at: 2023-10-24T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1296445/000143774923028865/0001437749-23-028865-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1296445/000143774923028865/ora20231024_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-23-028865
- JSON: https://secwatch.observer/filing/0001437749-23-028865.json
- Plain text: https://secwatch.observer/filing/0001437749-23-028865.txt

## Key facts
- Material Agreements
  ORMAT TECHNOLOGIES, INC. entered into Membership Interest Purchase Agreement with Enel Green Power North America, Inc. and Enel Kansas, LLC valued at $271 million (effective 2023-10-23).
  - Action: entry
  - Agreement: asset purchase
  - Counterparty: Enel Green Power North America, Inc. and Enel Kansas, LLC
  - Value: $271 million
  - Effective: 2023-10-23
  source text: On October 23, 2023, Snow Wolf Holdings LLC (“Purchaser”), a wholly-owned subsidiary of Ormat Technologies, Inc. (the “Company”), entered into a Membership Interest Purchase Agreement (the “MIPA”) with Enel Green Power North America, Inc. and Enel Kansas, LLC (“Sellers"), and with Enel Geothermal, LLC, EGP Nevada Power, LLC, Stillwater Woods Hill Holdings, LLC, Enel Surprise Valley, LLC, and Enel Cove Fort II, LLC (the “Acquired Companies”), subsidiaries of Enel SpA (ENEL.MI) (“Enel”), pursuant to which Purchaser has agreed to purchase from Sellers one hundred percent (100%) of the outstanding membership interests in the Acquired Companies, other than certain membership interests of Stillwater Woods Hill Holdings, LLC that are held by a third party pursuant to a previously existing tax equity financing undertaken by the Sellers and a third party in relation to that Acquired Company.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1296445/000143774923028865/0001437749-23-028865-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.