Ormat Subsidiary and Basin Electric Agreement for the Supply of 22 MW From Recovered Energy Becomes Effective
20 Junho 2005 - 7:14AM
PR Newswire (US)
Ormat Subsidiary and Basin Electric Agreement for the Supply of 22
MW From Recovered Energy Becomes Effective SPARKS, Nev., June 20
/PRNewswire-FirstCall/ -- Ormat Technologies, Inc. (NYSE:ORA) today
announced that a 25-year Power Purchase Agreement (PPA) between an
Ormat subsidiary and Basin Electric Power Corporation for the
supply of approximately 22 MW from recovered energy generation
power plants has become effective. All the required agreements and
conditions have been met and fulfilled. The PPA was previously
entered into by the parties, and was contingent upon both parties
meeting and fulfilling certain conditions and agreements as stated
in a press release dated January 4, 2005. (Logo:
http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGO) The power
plants are to be constructed by Ormat, and be completed by the end
of 2006. The power plants will be constructed on gas compressor
stations along the Northern Border Pipeline Company's natural gas
pipeline in North and South Dakota. Ormat estimates that
construction costs for the power generation stations will be
approximately $35 million. Upon completion of the construction of
the power plants, Ormat expects to realize annual revenues of
approximately $5 million from the sale of power generated as a
result of this project. 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. It 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. Ormat products and systems are
covered by more than 70 patents. Ormat currently has operations in
the United States, Israel, the Philippines, Guatemala, Kenya, and
Nicaragua. 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 Ormat's plans, objectives and expectations for
future operations and are based upon its 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 Ormat
Technologies, Inc.'s Annual Report on Form 10-K/A filed with the
Securities and Exchange Commission on April 12, 2005. 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.
http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGO
http://photoarchive.ap.org/ DATASOURCE: Ormat Technologies, Inc.
CONTACT: Dita Bronicki, CEO and President of Ormat Technologies
Inc., +1-775-356-9029, ; or Investor Relations, Jeff Corbin,
+1-212-896-1214, , or Todd Fromer, +1-212-896-1215, , both of KCSA
Worldwide, for Ormat Technologies, Inc. Web site:
http://www.ormat.com/
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