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News Breaks | | | | January 23, 2013 | | 05:19 EDT |  | ORA | Ormat Technologies will record a non-cash pre-tax charge up to $230M
Ormat Technologies announced that it will record a non-cash pre-tax charge of up to $230M during Q4 for impairment to the company's North Brawley power plant located in Imperial County, California. The company has concluded that it will not be economical to continue to invest the substantial capital required to increase the generating capacity of the North Brawley plant. Accordingly, the company has decided to operate the plant at the current capacity level of approximately 27 MW and refrain from additional capital investment to expand the capacity. The company expects to record a non-cash pre-tax charge for impairment to the North Brawley power plant in Q4, which is currently estimated to be in an amount of up to $230M. The impairment charge will result in a material loss in Q4 and for FY12. The company does not expect that the impairment charge will affect its ability to meet the financial covenants under any of its corporate debt agreements or materially adversely affect its future operational results. | |
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