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Ormat sells OPTI shares to finance biodiesel activity

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Ormat Industries (TASE: ORMT) today announced that it sold 4 million shares in its subsidiary OPTI Canada for $69 million in order to finance its entrance into the field of biodiesel.

Prior to the sale, Ormat Industries had an indirect stake of 7.5% in OPTI, its stake was diluted to 5.3% by the sale.

Ormat Industries had announced its intention to enter the field of biodiesel in late September. The company invested $13.5 million in R&D and $35-50 million in infrastructure. The total investment is expected to be $48.5-63.5 million.

Ormat Industries, which controls Ormat Technologies (NYSE: ORA), will post an after tax capital gain of $34 million for 2006.

This entry was posted on Monday, December 4th, 2006 at 11:49 am and is filed under Biodiesel, Biodiesel News. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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