Ormat Technologies and Nevada Geothermal Power Execute EPC Contract for Blue Mountain Faulkner 1 Power Plant
02 Abril 2008 - 10:00AM
PR Newswire (US)
VANCOUVER, British Columbia, April 2, 2008 /PRNewswire-FirstCall/
-- Nevada Geothermal Power Inc. (NGP) (OTC Bulletin Board: NGLPF;
TSX-V: NGP) and Ormat Technologies Inc. (NYSE:ORA) announced today
that NGP Blue Mountain I LLC (NGP I) has entered into an
Engineering, Procurement and Construction Contract (EPC) for a 49.5
MW power plant, consisting of three Ormat Energy Converters (OEC's)
at Blue Mountain's geothermal project in Nevada. The plant design
incorporates Ormat's proprietary power generation technology with
water-cooling for maximum efficiency. (Logo:
http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGO) The total
EPC contract value is US$76 million, of which a US$20 million was
previously released under a Limited Notice to Proceed (LNTP) in
order to secure the guaranteed substantial completion date of
December 31, 2009. The full release under the EPC contract is
subject to finalizing the financing for the project and is expected
to occur by April 30, 2008. The EPC provides for an additional
partial release if necessary. The EPC consists of three Ormat
Energy Converter units which are guaranteed to produce 16.5 MW
(gross) each, totaling at least 49.5 MW (gross). The output of the
power plant at Blue Mountain will meet the Phase 1 power delivery
requirements of the existing 20-year Power Purchase Agreement
between NGP and Nevada Power Company with a reserve of excess
power. NGP is currently in discussions with Nevada Power Company
for a Phase II power contract covering the reserve power. "The EPC
contract with Ormat increases the power output of each OEC unit to
16.5 MW from the originally planned 12.5 MW. The increased OEC
capacity results in a lower cost per MW installed at Blue Mountain.
Ormat's proven power plant technology combined with Blue Mountain's
favourable reservoir chemistry will extract more megawatt-hours of
energy per unit volume of geothermal fluid compared to other
available technologies, maximizing the overall megawatt potential
for the Blue Mountain geothermal field," stated Brian Fairbank,
President and CEO of Nevada Geothermal Power Inc. "We are pleased
for the opportunity to work with NGP's development team and are
delighted to contribute from our experience and knowledge in this
field. Our technology is perfectly suited for the Blue Mountain
resource and we are looking forward to delivering on schedule a
great performing power plant," said Dita Bronicki, CEO of Ormat
Technologies Inc. About Ormat Technologies Ormat Technologies, Inc.
is the only vertically-integrated company primarily engaged in the
geothermal and recovered energy power business. The company
designs, develops, owns and operates geothermal and recovered
energy-based power plants around the world. Additionally, the
company designs, manufactures and sells geothermal and recovered
energy power units and other power-generating equipment, and
provides related services. The company has more than four decades
of experience in the development of environmentally-sound power,
primarily in geothermal and recovered-energy generation. Ormat
products and systems are covered by more than 75 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.
About Nevada Geothermal Power Inc. Nevada Geothermal Power Inc. is
a renewable energy company developing geothermal projects in the
United States to provide electrical energy that is clean, renewable
and sustainable. NGP currently owns a 100% leasehold interest in
four properties: Blue Mountain that is expected to commence power
generation late 2009, Pumpernickel, Black Warrior, all located in
Nevada and Crump Geyser in Oregon. Ormat's 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 5, 2008. 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. Nevada Geothermal Power's Safe Harbour Statement This
Press Release contains certain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. We have tried, whenever possible, to identify these
forward-looking statements using words such as "anticipates,"
"believes," "estimates," "expects," "plans," "intends,"
"potential," and similar expressions. These statements reflect our
current belief and are based upon currently available information.
Accordingly, such forward-looking statements involve known and
unknown risks, uncertainties and other factors which could cause
the Company's actual results, performance or achievements to differ
materially from those expressed in or implied by such statements.
We undertake no obligation to update or advise in the event of any
change, addition, or alteration to the information catered in this
Press Release including such forward-looking statements. The TSX
Venture Exchange does not accept responsibility for the adequacy or
accuracy of this release. Nevada Geothermal Power Inc. Investor
Inquiries Brian D. Fairbank, P. Eng. Shelley Kirk President &
CEO Nevada Geothermal Power Inc. Telephone: 604-688-1553 X118
http://www.nevadageothermal.com/ Toll Free: 866-688-0808 X118 Tracy
Weslosky or Fred Cowans Managing Partners Pro-Edge Consultants Inc.
Telephone: (416) 581-0177 Toll Free: (866) 544-9622 or
http://www.pro-edge.com/ Ormat Technologies Contact: Investor
Relations Contact: Dita Bronicki Todd Fromer/Marybeth Csaby CEO
KCSA Strategic Communications +1-775-356-9029 212-896-1214 (Todd) /
212-896-1236 (Marybeth) /
http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGO
http://photoarchive.ap.org/ DATASOURCE: Ormat Technologies Inc.
CONTACT: Dita Bronicki, CEO of Ormat Technologies Inc.,
+1-775-356-9029, ; or Brian D. Fairbank, P. Eng., President &
CEO, or Investors, Shelley Kirk, +1-604-688-1553, Ext. 118,
1-866-688-0808, Ext. 118, both of Nevada Geothermal Power Inc.; or
Tracy Weslosky, or Fred Cowans, Managing Partners of Pro-Edge
Consultants Inc., +1-416-581-0177, 1-866-544-9622, ; or Investor
Relations, Todd Fromer, +1-212-896-1214, , or Marybeth Csaby,
+1-212-896-1236, , both of KCSA Strategic Communications, all for
Ormat Technologies Inc. Web site: http://www.ormat.com/
http://www.nevadageothermal.com/ http://www.pro-edge.com/
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