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Ormat buys out Constellation's stake in Mammoth geothermal complex

Oilfield Technology,

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 for US$ 72.5 million. Ormat will become the sole owner of the land, power plants, and associated equipment comprising the Mammoth complex, including the rights to over 10,000 acres of undeveloped federal lands.

The Mammoth complex is located near Mammoth Lakes, California and includes three plants, which were completed in 1985 and 1990 and have a generating capacity of approximately 29 MW.

“As the sole owner of the complex, we plan to move quickly to expand the facility with a goal to double generation capacity” said Dita Bronicki, Ormat CEO. “Mammoth offers the same development opportunities that we have exploited in our Steamboat complex, and expect to dramatically increase the capacity of the existing plant through modernisation of the equipment and the addition of new equipment with very little resource risk.”

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