Ormat considers selling stakes in some U.S. power stations

TEL AVIV, April 30 Wed Apr 30, 2014 3:58am EDT

TEL AVIV, April 30 (Reuters) - Israeli geothermal energy producer Ormat Industries said its U.S. subsidiary is examining the possibility of raising money by bringing in equity partners for a small number of assets in the United States.

This would be done by selling up to 49 percent of the relevant power stations while Ormat would retain control and continue to operate them, the company said in a statement on Wednesday.

Ormat said a number of potential investors are examining the assets but that it is still in an early stage and no binding offers have been received.

"The company cannot estimate the amount of money to be raised, the timing or the likelihood that a deal will be completed," Ormat said.

The Globes financial news website said Ormat could make $150 million-$250 million from the sale of part of its power stations business.

Ormat controls its U.S. power stations through its subsidiary Ormat Technologies. (Reporting by Tova Cohen)

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