Tuesday, October 23, 2007

Ormat Technologies to raise funds in secondary offering

Ormat Technologies (NYSE: ORA), a leading geothermal power company, has filed a prospectus with the SEC to raise $130-$140 million in a public offering of three million shares.

Listed on the NYSE and headquartered in Nevada, Ormat Technologies is a subsidiary of Ormat Industries (TASE: ORMT), which in recent weeks has been rumored to be an acquisition target of Goldman Sachs, Africa-Israel, and Apax Partners.

Ormat Technologies will use proceeds from the sale to fund possible acquisitions and the construction of additional geothermal and Recovered Energy Generation (REG) power plants.