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Note 24 - Subsequent Events
12 Months Ended
Dec. 31, 2017
Notes to Financial Statements  
Subsequent Events [Text Block]
NOTE
24
— SUBSEQUENT EVENTS
 
Cash dividend
 
On
March 1, 2018,
the Company
’s Board of Directors declared, approved and authorized payment of a quarterly dividend of
$11.5
million (
$0.23
per share) to all holders of the Company’s issued and outstanding shares of common stock on
March 14, 2018,
payable on
March 29, 2018.
 
 
U.S. Geothermal transaction
 
On
January
24,
2018
the Company entered into a definitive agreement to acquire U.S. Geothermal Inc. (“U.S. Geothermal”), a renewable energy company focused on the development, production and sale of electricity from geothermal energy. Under the terms of the merger agreement, holders of U.S. Geothermal common stock will receive
$5.45
per share in cash. On a fully diluted basis, including payment to U.S. Geothermal’s option holders, the Company will pay total consideration of approximately
$109.9
million. The closing of the merger is subject to customary conditions, including receipt of regulatory approvals and approval by persons holding a majority of the outstanding shares of U.S. Geothermal common stock. The transaction is expected to close in the
second
quarter of
2018.
 
U.S. Geothermal is currently operating geothermal power projects at Neal Hot Springs, Oregon, San Emidio, Nevada and Raft River, Idaho for a total designed net output of
45
MW that currently generate approximately
38
MW
, net.