Ormat Technologies Secures $25 Million Contract for Geothermal Power Plant in the Azores Islands
14 Fevereiro 2005 - 7:47AM
PR Newswire (US)
Ormat Technologies Secures $25 Million Contract for Geothermal
Power Plant in the Azores Islands SPARKS, Nev., Feb. 14
/PRNewswire-FirstCall/ -- Ormat Technologies, Inc. (NYSE:ORA)
announced today that two of its subsidiaries have entered into
Supply and Engineering Procurement contracts for a new geothermal
power plant to be constructed on Sao Miguel Island in the Azores.
The contracts are for a total of 19,151,422 Euro (approximately $25
million), with construction on the power plant expected to be
completed within 19 months from the contract date. (Logo:
http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGO Photo:
http://www.newscom.com/cgi-bin/prnh/20050214/LAM095) The customer,
a subsidiary of the local Electric Company in the Azores Islands,
has purchased two Geothermal Power Plants from ORMAT in the past.
The new power plant is expected to contribute to the efforts of the
local authorities to have the base load needs of the Island
provided by dependable, indigenous and clean geothermal power. The
new plant will optimize energy utilization by converting into
electric power energy from both geothermal steam and brine from
geothermal wells. Unlike the flash steam turbine plants which
consume water in the cooling towers, the new plant will use
air-cooled condensers which enable 100% geothermal fluid
reinjection. The 100% reinjection serves both to sustain the
reservoir and to produce electrical power with virtually no
environmental impact. It will utilize the hi-performance
hi-efficiency organic turbine developed by ORMAT for geothermal and
recovered-energy applications. The two existing ORMAT plants on the
Island already use air-cooled condensers. Lucien Y. Bronicki,
Chairman of the Board and Chief Technology Officer of Ormat
Technologies, said, "This contract marks our third Geothermal Power
plant on the Island of Sao Miguel, Azores, which demonstrates the
effectiveness and reliability of our solutions. The plant will be
added to about 700 MW of Ormat-supplied geothermal power in 18
countries. This increase further reinforces the applicability and
effectiveness of ORMAT's geothermal solutions for island grids, in
addition to larger national grids. " Mr. Bronicki continued, "The
Azores Islands are a significant resource for geothermal
development, which we believe will provide Ormat with additional
growth opportunities that we look forward to developing." About
Ormat Technologies Ormat Technologies, Inc. is a vertically
integrated company primarily engaged in the geothermal and
recovered energy power business. The company designs, develops,
builds, owns and operates geothermal power plants and also designs,
develops and builds and plans to own and operate recovered
energy-based power plants. Additionally, the company designs,
manufactures and sells geothermal and recovered energy power units
and other power generating equipment and provides related services.
Founded in 1994, the company currently has operations in the United
States, Israel, Guatemala, Kenya, Nicaragua and the Philippines.
Safe Harbor Statement Information provided in this press release
may contain statements relating to current expectations, estimates,
forecasts and projections about future events that are
"forward-looking statements" as defined in the Private Securities
Litigation Reform Act of 1995. These forward-looking statements
generally relate to the company's plans, objectives and
expectations for future operations and are based upon management's
current estimates and projections of future results or trends.
Actual future results may differ materially from those projected as
a result of certain risks and uncertainties. For a discussion of
such risks and uncertainties, see "Risk Factors" as described in
the Company's Prospectus filed with the Securities and Exchange
Commission on November 12, 2004. These forward-looking statements
are made only as of the date hereof, and we undertake no obligation
to update or revise the forward-looking statements, whether as a
result of new information, future events or otherwise. Ormat
Technologies Contact: Investor Relations Contact Dita Bronicki Jeff
Corbin/Lee Roth CEO and President KCSA Worldwide +1-775-356-9029
212-896-1214/212-896-1209 /
http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGO
http://www.newscom.com/cgi-bin/prnh/20050214/LAM095
http://photoarchive.ap.org/ DATASOURCE: Ormat Technologies CONTACT:
Dita Bronicki, CEO and President of Ormat Technologies,
+1-775-356-9029, ; or Jeff Corbin, +1-212-896-1214, , or Lee Roth,
+1-212-896-1209, , both of KCSA Worldwide, for Ormat Technologies
Web site: http://www.ormat.com/
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