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| ORA > SEC Filings for ORA > Form 8-K on 20-Mar-2013 | All Recent SEC Filings |
20-Mar-2013
Other Events, Financial Statements and Exhibits
On March 15, 2013, Mammoth Pacific LLC, (MPLP) wholly-owned subsidiary of the Company, entered into a Letter Agreement with Southern California Edison Company (SCE) ( The Agreement). Pursuant to the Agreement, MPLP and SCE agreed to terminate certain qualifying facility power purchase agreement entered between MPLP and SCE under which the power generated at G3 and G1 plants of the Mammoth complex are sold to SCE, known as Contract QFID 3003 and Contract QFID 3018 ( G1 & G3 PPA's). Subject to satisfaction of certain obligation of MPLP, the termination will enter into force as of Midnight on March 31, 2013. Under the Agreement MPLP agreed to extend the term of the power purchase agreement related to G2 of the Mammoth Complex, known as Contract QFID 3027 and for which SCE & MPLP have executed an Amended and Restated Contract QFID 3027.
In consideration for SCE execution of the Agreement, MPLP made a termination payment SCE in the amount of $8,978,840. Upon termination of the G1& G3 PPAs pursuant to the Agreement, both parties are released from any further obligations under such PPA's.
The Company will record the termination payment as an expense in its first quarter financial statements.
(d) Exhibits
Safe Harbor Statement
Information provided in this report on Form 8-K may contain statements relating to current expectations, estimates, forecasts and projections about future events that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally relate to the Company's plans, objectives and expectations for future operations and are based upon its management's current estimates and projections of future results or trends. Actual future results may differ materially from those projected as a result of certain risks and uncertainties. For a discussion of such risks and uncertainties, see "Risk Factors" as described in Ormat Technologies, Inc.'s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 11, 2013.
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