Medco-Ormat-Itochu Consortium Signs Heads of Agreement for Sarulla Geothermal Project at the Japan-Indonesia Forum
20 Agosto 2007 - 5:29AM
PR Newswire (US)
JAKARTA, Indonesia, Aug. 20 /PRNewswire-FirstCall/ -- The
Medco-Ormat- Itochu Consortium ("the Consortium"), which consists
of Medco Energi Internasional Tbk; Ormat International, Inc., a
subsidiary of Ormat Technologies, Inc. (NYSE:ORA); and the Itochu
Corporation, today announced the signing of a Heads of Agreement
("HoA") for the Sarulla Geothermal Project. In addition to members
of the Consortium, Mr. Eddie Widiono, President Director of
state-owned Indonesian power company PT Perusahaan Listrik Negara
("PLN"), and Mr. Ari H. Soemarno, President & CEO of Pertamina,
also signed the agreement. The signing was witnessed by The
President of the Republic of Indonesia H.E. Mr. Susilo Bambang
Yudhoyono and the Prime Minister of Japan, H.E. Mr. Shinzo Abe
during the Japan-Indonesia Business Forum. (Logo:
http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGO ) The
Consortium received a Letter of Intent from PLN on July 25, 2006
following a tender process and, having reached preliminary
agreements, expects that it will soon formalize the Deed of
Assignment ("DoA"), and amendments of the Energy Sales Contract
("ESC") with PLN and Joint Operating Contract ("JOC") with
Pertamina. The HoA sets forth the milestones achieved in the
contract negotiations and the parties' undertaking to expedite the
contracts finalization and formalization, including all relevant
approval procedures. The Sarulla Geothermal Project, located in
Tapanuli Utara, North Sumatra, represents the largest
single-contract geothermal project to date in the geothermal
industry, and is a reflection of the large scale, high productivity
and potential of Indonesian geothermal resources. The Sarulla
Geothermal project is to be constructed over the next five years.
It will consist of three phases of 110 to 120 MW each, with the
first power generating unit scheduled to commence operation within
30 months of the financial closing, and the remainder scheduled to
commence operation over a period of 18 months following the first
unit. Power delivered by the project will serve the base load of
PLN's North Sumatra - Aceh grid system. The project will be owned
and operated by the Consortium members under the framework of a JOC
with the concession holder, PT Pertamina (Persero) (the state-owned
oil and gas company) through its subsidiary PT Pertamina Geothermal
Energy. Medco is the leader of the Consortium, whose bid included
completion of the development of the geothermal steam field,
construction of the field piping systems and three Ormat designed
and supplied power plants with a combined gross capacity of
approximately 340 MW. The Consortium will own and operate the
facilities, as well as sell electricity to PLN under a 30-year
Energy Sales Contract ("ESC"). The total project cost is projected
to be approximately US$800 million, and it is expected that the
Japan Bank for International Corporation ("JBIC") will provide the
majority of the project financing based on the Umbrella Note of
Mutual Understanding signed between the Ministry of Finance of
Indonesia and JBIC. In addition to the HOA, The Consortium and
Kyushu Electric Power Co., Inc. executed a Memorandum of
Understanding (MOU) on the same day. The MOU confirms Kyushu
Electric's strong interest in participating in the Sarulla Project.
Kyushu Electric is one of the largest electricity utility companies
in Japan and owns and operates a number of geothermal power plants
in Kyushu. Mr. Hilmi Panigoro, CEO of PT Medco Energi Internasional
Tbk, said, "Geothermal is one of the primary energy resources for
the future. This project will be a cornerstone for the company's
efforts to diversify its energy resources portfolio." Mr. Aries
Pardjimanto, President Director of PT Medco Geothermal Indonesia,
added, "The Sarulla project is evidence of our commitment to
developing Renewable Energy Resources, and our desire to assist the
Government in its effort to provide new power generation capacity
in the region." Also commenting on the project, Lucien Bronicki,
Chairman and CTO of Ormat Technologies, stated, "We are pleased
that the long cooperation with Pertamina, PLN and the teams of
Medco and Itochu is approaching fruition. Ormat's air-cooled
geothermal Combined Cycle technology, well proven over the last 15
years, is particularly suited to assure maximum utilization of the
Sarulla resource in a sustainable manner. We pledge to continue our
efforts to contribute to the development of this important
renewable energy of Indonesia by sharing our experience in
constructing geothermal plants in 12 countries as well as the
operating experience of the plants we own in the US, Guatemala,
Kenya, Nicaragua and the Philippines." Mr. Akira Yokota, Executive
Vice President of ITOCHU Corporation, said "ITOCHU has been
actively pursuing environmental renewable energy projects in
several countries and geothermal power projects are also an area we
have been truly focusing. Indonesia has quite rich geothermal
resources and we are very glad to have achieved this valuable step
in contributing to the further prosperity of Indonesia through
Sarulla Power Project using such environmentally friendly resources
which Indonesia owns." 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 and
recovered energy power plants using Organic Rankine Cycle (ORC)
technology. Additionally, the Company designs, manufactures and
sells geothermal and recovered energy power units and other power
generating equipment, and provides related services. Ormat is a
pioneer and a leader in the manufacture of ORC power equipment its
products and systems are covered by approximately 70 patents. Ormat
currently operates the following geothermal power plants: in the
United States - Brady, Heber, Mammoth, Ormesa, Puna and Steamboat;
in the Philippines - Leyte; in Guatemala - Zunil; in Kenya -
Olkaria; and in Nicaragua - Momotombo. In the U.S., Ormat owns and
operates four OREG1 Recovered Energy Generation plants. 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 filed with the
Securities and Exchange Commission on March 12, 2007. 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 Todd Fromer/ Marybeth Csaby CEO and
President KCSA Worldwide +1-775-356-9029 +212-896-1215 /
212-896-1236 /
http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGODATASOURCE:
Ormat Technologies CONTACT: Dita Bronicki, CEO and President of
Ormat Technologies, +1-775-356-9029, ; or Investor Relations - Todd
Fromer, +1-212-896-1215, , or Marybeth Csaby, +1-212-896-1236, ,
both of KCSA Worldwide for Ormat Technologies Web site:
http://www.ormat.com/
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