ROTH Capital Partners advises
U.S. Geothermal, Inc. (NYSE:HTM) in its sale
to Ormat Technologies, Inc. (NYSE:ORA)

   

For more information please contact:

Investment Banking
Jesse Pichel
Managing Director
(646) 358-1919
jpichel@roth.com

Robert Stephenson
Managing Director
(949) 720-5750
rstephenson@roth.com

Mitch Truelock
Managing Director
(949) 720-7188
mtruelock@roth.com

Brian Kremer
Director
(949) 720-5726
bkremer@roth.com

Kamal Masud, CFA
Vice President
(949) 720-7102
kmasud@roth.com

Transaction Information
Ormat Technologies, Inc. (NYSE:ORA) has closed the acquisition of U.S. Geothermal, Inc. (NYSE:HTM) for a total consideration of approximately $110 million, comprising approximately $106 million funded in cash by the Company to acquire the outstanding shares of common stock of USG, and approximately $4 million, funded from available cash of USG, to cash-settle outstanding in the money options to acquire outstanding shares of USG.

As a result of the acquisition, Ormat now owns and operates U.S. Geothermal's three power plants at Neal Hot Springs, Oregon, San Emidio, Nevada and Raft River, Idaho with a total net generating capacity of approximately 38 MW. In addition, Ormat now owns development assets held by US Geothermal, which include a project at the Geysers, California; a second phase project at San Emidio, Nevada; a greenfield project in Crescent Valley, Nevada; and the El Ceibillo project located near Guatemala City, Guatemala.

ROTH Capital Partners acted as financial advisor to U.S. Geothermal, Inc. in the transaction.

About U.S. Geothermal Inc.
U.S. Geothermal Inc. is a leading and profitable renewable energy company focused on the development, production and sale of electricity from geothermal energy. The Company is currently operating geothermal power projects at Neal Hot Springs, Oregon, San Emidio, Nevada and Raft River, Idaho for a total designed net output of approximately 45 MWs. The Company is also developing projects at: the Geysers, California; a second phase project at San Emidio, Nevada; at Crescent Valley, Nevada; and the El Ceibillo project located near Guatemala City, Guatemala. For more information, please visit www.usgeothermal.com.
(Source: Company Press Release | 1/24/18)

About Ormat Technologies, Inc.
With over five decades of experience, Ormat Technologies, Inc. is a leading geothermal Company and the only vertically integrated Company engaged in geothermal and recovered energy generation (REG), with the objective of becoming a leading global provider of renewable energy. The Company owns, operates, designs, manufactures and sells geothermal and REG power plants primarily based on the Ormat Energy Converter Ė a power generation unit that converts low-, medium- and high-temperature heat into electricity. With 77 U.S. patents, Ormatís power solutions have been refined and perfected under the most grueling environmental conditions. Ormat has 530 employees in the United States and 770 overseas. Ormatís flexible, modular solutions for geothermal power and REG are ideal for the vast range of resource characteristics. The Company has engineered, manufactured and constructed power plants, which it currently owns or has installed to utilities and developers worldwide, totaling over 2,500 MW of gross capacity. Ormatís current approximately 800 MW generating portfolio is spread globally in the U.S., Guatemala, Guadeloupe, Honduras, Indonesia and Kenya. In March 2017, Ormat expanded its operations to provide energy storage and energy management solutions, by leveraging its core capabilities and global presence as well as through its Viridity Energy Solutions Inc. subsidiary, a Philadelphia-based Company with nearly a decade of expertise and leadership in energy storage, demand response and energy management. For more information, please visit www.ormat.com.
(Source: Company Press Release | 4/24/18)

About ROTH Capital Partners
ROTH Capital Partners, LLC (ROTH), is a relationship-driven investment bank focused on serving emerging growth companies and their investors. As a full-service investment bank, ROTH provides capital raising, M&A advisory, analytical research, trading, market-making services and corporate access. Headquartered in Newport Beach, CA, ROTH is privately-held and employee owned, and maintains offices throughout the U.S. For more information on ROTH, please visit www.roth.com.

Date of Announcement: 4/30/18

The material, information and  facts discussed in this announcement other than the information regarding ROTH Capital Partners, LLC ("ROTH") and its affiliates, are from sources believed to be reliable, but are in no way guaranteed to be complete or accurate. This announcement should not be used as a complete analysis of any companies, securities or topics discussed herein. Additional information is available upon request. This is not, however, an offer or solicitation of the securities discussed. Any opinions or estimates in this announcement are subject to change without notice. An investment in any security based on this announcement may involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Additionally, such investments may involve a high degree of risk and may not be suitable for all investors. No part of this announcement may be reproduced in any form without the express written permission of ROTH. Copyright 2018.