Davis Polk is advising the special committee of the board of directors of Ormat Technologies, Inc., a Delaware corporation (“OTI”), in connection with OTI’s entry into a share exchange agreement and plan of merger with its parent entity, Ormat Industries Ltd., an Israeli corporation (“OIL”). Under the agreement, OTI will acquire OIL through a share exchange that will eliminate OIL’s majority ownership interest in, and control of, OTI. The board of directors of OTI, acting upon the unanimous recommendation of the special committee, has approved the transaction, which is expected to close in the first quarter of 2015.

Ormat Technologies is a leading geothermal company and the only vertically integrated company solely engaged in geothermal and recovered energy generation (“REG”). The company owns, operates, designs, manufactures and sells geothermal and REG power plants primarily based on the Ormat Energy Converter, a power generation unit that converts low-, medium- and high-temperature heat into electricity. The company has engineered, manufactured and constructed power plants, which it currently owns or has installed for utilities and developers worldwide, totaling over 1,900 MW of gross capacity. Ormat’s current generating portfolio of 626 MW (net) is spread globally in the United States, Guatemala and Kenya.

The Davis Polk corporate team includes partners William H. Aaronson and John A. Bick and associate John Anderson. Counsel Scott B. Luftglass is providing litigation advice. All members of the Davis Polk team are based in the New York office.