Medco-Ormat-Itochu Consortium Complete Execution of Agreements for Sarulla Geothermal Project
18 Dezembro 2007 - 9:51AM
PR Newswire (US)
RENO, Nev., Dec. 18 /PRNewswire-FirstCall/ -- Ormat Technologies,
Inc. (NYSE:ORA) announced today that the Medco-Ormat-Itochu
Consortium (the "Consortium"), which consists of Medco Energi
Internasional Tbk; Ormat International Inc., a subsidiary of Ormat
Technologies, Inc. ("Ormat"); and the Itochu Corporation, completed
the execution of the project documents for the 340 MW Sarulla
Geothermal Project in Indonesia. The Consortium signed an Amendment
to the Joint Operating Contract ("JOC") with PT Pertamina
Geothermal Energy ("PGE"), a wholly owned subsidiary of the
Indonesian state-owned oil and gas company PT Pertamina (Persero),
and, together with PGE, signed the Amendment to the Energy Sales
Contract ("ESC") with the state-owned Indonesian power company PT
Perusahaan Listrik Negara ("PLN"). Prior to the above, the
Consortium and PLN executed a Deed of Assignment ("DOA"), whereby
PLN assigned and transferred to the Consortium the rights and
obligations under the JOC and ESC. (Logo:
http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGO ) The
Project, located in Tapanuli Utara, North Sumatra, represents the
largest single-contract geothermal power project to date, and is a
reflection of the large scale, high productivity and potential of
Indonesian geothermal resources. The Project will be owned and
operated by the Consortium members under the framework of the JOC
with PGE, and is to be constructed in three phases, consisting of
Ormat designed and supplied power generating units of 110 to 120 MW
each, over the next five years. The first unit is scheduled to
commence operation within 30 months of financial close, which is
expected by the end of 2008. The remaining two units are scheduled
to commence operation in stages within 18 months after the first
unit's scheduled commissioning. The total project cost is expected
to be approximately $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. Ormat's equity participation shall initially be
25%, and may be reduced to not less than 12.75%. Power delivered by
the project will serve the base load of PLN's North Sumatra -- Aceh
grid system and annual electricity sales revenue from the project
is anticipated to be approximately $115 million when the full
capacity is attained. The value of Ormat's scope of supply for the
project is expected to be over $250 million. Lucien Bronicki,
Chairman and CTO of Ormat Technologies, stated, "The execution of
the Sarulla project documents is an important landmark for Ormat,
as we will be providing our technology to Indonesia for the first
time. We congratulate the teams of PLN and Pertamina, as well as
our Consortium partners Medco and Itochu, and express our
appreciation for their efforts that have contributed to the
Consortium achieving this milestone. Our commitment to the
development of geothermal resources in Indonesia is strong and we
are pleased to be sharing our long experience in constructing and
operating geothermal plants. 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." Dita Bronicki, CEO of Ormat
Technologies, added, "The signing today of the project documents is
a significant milestone in the development of the Sarulla project.
While the project is still subject to the uncertainty of the
closing of financing, encouraged by the interest shown in financing
this project by JBIC and other institutions, the Consortium shall
make pre-development investments estimated at approximately $15
million before financial closing." 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- 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 operates the following geothermal
and recovered energy-based power plants: in the United States --
Brady, Heber, Mammoth, Ormesa, Puna, Steamboat and OREG 1; in
Guatemala -- Zunil and Amatitlan; in Kenya -- Olkaria; and in
Nicaragua -- Momotombo. 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
and the Prospectus Supplement filed with the Securities and
Exchange Commission on October 23, 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 KCSA Worldwide
+1-775-356-9029 212-896-1215/212-896-1236 /
http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGO
http://photoarchive.ap.org/ DATASOURCE: Ormat Technologies, Inc.
CONTACT: Dita Bronicki, CEO of Ormat Technologies, +1-775-356-9029,
; or 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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