Ormat said to receive Chinese suitor interest

02 May 2017 - 12:00 am UTC

Ormat Technologies [NYSE:ORA], a Reno, Nevada-based geothermal power producer, has received acquisition approaches in the past few months from potential Chinese buyers, said two sources briefed on the matter.

Earlier this year Ormat was “testing the water” to see if the company could garner enough potential buyers to launch a formal auction process, said the first source briefed. The company is unlikely to engage with suitors until 2018, said the second source briefed.

First Israel Mezzanine Investors and Bronicki Investments, a fund backed by Ormat’s former chairman, collectively hold a 21% stake in the company. Ormat representatives did not return phone calls seeking comment.

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