New York, November 25, 2003 – Weil, Gotshal & Manges LLP, one of the world’s leading law firms, advised Ormat Nevada, Inc.’s subsidiaries in a successful auction bid for all the geothermal assets of Covanta Energy Corporation.
Covanta Energy Corp. filed for bankruptcy protection in April 2002. Ormat’s bid for $214M was declared the “highest and best.” The U.S. Bankruptcy Court for the Southern District of New York has approved the purchase agreement.
With the completion of this transaction, Ormat will become the third-largest player in the geothermal sector in North America. Ormat brings three decades of experience in the development, manufacture, and marketing of innovative power systems.
Weil, Gotshal & Manges LLP is an international law firm of approximately 1,100 attorneys, including over 285 partners. Weil Gotshal is headquartered in New York, with offices in Austin, Boston, Brussels, Budapest, Dallas, Frankfurt, Houston, London, Miami, Paris, Prague, Silicon Valley, Singapore, Warsaw and Washington, D.C.