Akin Gump Advises Northleaf Capital Partners in Sale of Geothermal Power Plant Stake
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 (Picture), chair of Akin Gump’s global project finance practice, led the team advising Northleaf.
Involved fees earner: Edward Zaelke – Akin Gump;
Law Firms: Akin Gump;
Clients: Northleaf Capital Partners;