Japanese leasing company Orix decided Thursday to invest about $627 million in an American geothermal technology company, aiming to bring the technology to Asia to tap what it expects to be a growing market.
Orix will take a 22.1% stake as early as July in Nevada-based Ormat Technologies, which designs, builds and sells geothermal power plants and equipment. The New York-listed company also operates plants in the U.S., Central America and Africa. The company reported revenue of $662.6 million last year, an 11% increase. It is the world’s top maker of binary geothermal equipment, which can generate power even at lower temperatures.
Orix has been expanding its renewable-energy operations through investments in other enterprises. It bought into an Indian wind power project in March 2016 and a Vietnamese hydroelectric company that September.
