Ormat Industries Sells 12% Stake to Fimi Fund for $79 Million

Ormat Industries (ORMT) Ltd., an Israeli developer of geothermal power plants, said today it agreed to sell a 12 percent stake to Fimi Opportunity Funds for about 297 million shekels ($79 million).

Ormat said it will sell Fimi around 13.7 million shares for 21.7 shekels a share, in a company statement today. After the sale, Ormat and Fimi will each hold almost 22.5 percent. In addition, the deal stipulates that Fimi may increase its holding to 30.2 percent in Ormat in two years.

To contact the editor responsible for this story: Todd White at twhite2@bloomberg.net

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