Emerton assisted ORMAT, the global leader in Geothermal energy, in the acquisition and regulatory due diligence of the geothermal assets in the Carribean islands.
Ormat Technologies, Inc. (NYSE:ORA) announced it has signed a binding Memorandum of Understanding (MOU) to acquire, gradually, 85% of Geothermie Bouillante SA (GB) at a total company enterprise value of up to around €52 million (approximately $56 million USD, based on current foreign currency exchange rates). GB owns and operates a 14.75 MW geothermal power plant and owns two exploration licenses with a total additional potential capacity of up to 30 MW, all located in Guadeloupe Island, a French territory in the Caribbean.
The MOU was signed with the owner of GB, Sageos holding (Sageos), a fully owned subsidiary of Bureau de Recherches Géologiques et Minières (BRGM), the French geological survey. Upon closing, Ormat will hold approximately 80% of GB which will be increased to 85% within two years by capital investment agreed upon in the MOU
Acquirer: ORMAT TECHNOLOGIES, Isaac Angel
Seller: BRGM, Vincent Laflèche, Didier Camut, François Démarcq
Acq.– Strategic DD: EMERTON, Sebastien Zimmer
Acq. – Lawyer : SHEARMAN & STERLING, Christophe Asselineau
Acq.– Legal DD: PWC, Fabien Radisic
Acq. Financial DD : PWC TRANSACTION SERVICES, Steven Perrin, Eléonore Guillemot
Seller – Lawyer : DE PARDIEU BROCAS MAFFEI, Christine Le Bihan-Graf, Laure Rosenblieh
Source : ORMAT, CFnews