Ormat to take over last stake in Mammoth complex

In Nevada, Ormat Technologies, Inc. subsidiary Ormat Nevada Inc. has signed an agreement to acquire Constellation Energy’s 50% stake in the partnership that owns the geothermal power plants at the Mammoth complex, after which the company will become the sole owner of the land, power plants, and associated equipment. The $72.5 million purchase price also includes the rights to over 10,000 acres of undeveloped federal lands. Ormat chief executive officer Dita Bronicki said the company plans “to move quickly to expand the facility with a goal to double generation capacity.” The plants now generate about 29 MW. The company reported a net loss of $1.5 million for the second quarter surprising analysts who had expected a profitable quarter.