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Prudential Private Capital invests $144 million in Ormat Technologies’ Geothermal Power Plants

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DALLAS, June 12, 2024 – Prudential Private Capital provided $135.1 million of Senior Secured Fixed Rate Notes and $8.9 million Senior Secured Floating Rate Revolving Notes for Mammoth Pacific LLC, owner and operator of a  65 MW (net) portfolio of 4 geothermal power plants located in Mono County, CA. Mammoth Pacific LLC is a wholly owned subsidiary of Ormat Technologies, Inc. (NYSE: ORA), a geothermal developer with over 55 years of experience in the exploration, development, construction, and operation of geothermal facilities. Prudential Private Capital is a source of private debt for public and private companies and is the private capital arm of PGIM, the $1.2 trillion global investment management business of Prudential Financial, Inc. (NYSE: PRU).
“We are excited to continue supporting Ormat Technologies, a leader in geothermal energy development. Our investment reinforces our commitment to geothermal energy through the recapitalization of Ormat’s strategically important Mammoth Pacific complex.” said Ty Bowman, Senior Vice President of Prudential Private Capital’s Power group. “With the addition of Mammoth Pacific, our geothermal portfolio of investments in North America totals over half a billion dollars.”

“Prudential Private Capital has been a consistent, trusted partner for us over the last several years, and we look forward to their partnership over the long-term. The team’s certainty and efficiency of execution was key in our decision to select Prudential as the sole investor for this issuance.” Said Doron Blachar, Chief Executive Officer of Ormat Technologies, Inc.

About Ormat Technologies:

With over five decades of experience, Ormat Technologies, Inc. is a leading geothermal company and the only vertically integrated company engaged in geothermal and recovered energy generation (“REG”), with robust plans to accelerate long-term growth in the energy storage market and to establish a leading position in the U.S. energy storage market. The Company owns, operates, designs, manufactures and sells geothermal and REG power plants primarily based on the Ormat Energy Converter – a power generation unit that converts low-, medium- and high-temperature heat into electricity. The Company has engineered, manufactured and constructed power plants, which it currently owns or has installed for utilities and developers worldwide, totaling approximately 3,200 MW of gross capacity. Ormat leveraged its core capabilities in the geothermal and REG industries and its global presence to expand the Company’s activity into energy storage services, solar Photovoltaic (PV) and energy storage plus Solar PV. Ormat’s current total generating portfolio is 1,415 MW with a 1,225 MW geothermal and solar generation portfolio that is spread globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe, and a 190 MW energy storage portfolio that is located in the U.S.

About Prudential Private Capital:

For nearly 100 years, Prudential Private Capital has been partnering with a wide range of corporations, sponsors, and institutions to provide valuable insights and customized capital solutions that enable them to achieve their growth and funding goals. In an industry where capital can seem like a commodity and relationships are often fleeting and transactional, we are known for building enduring local partnerships based on a steady and patient commitment to our partners’ long-term capital needs. With regional teams in 15 offices around the world, we manage a portfolio of over $102.4 billion for our partners (as of March 31, 2024).

Meet our team

Ty Bowman headshot
Ty Bowman
Senior Vice President
June 12, 2024
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