Ormat Technologies and Nevada Geothermal Power Execute EPC Contract for Blue Mountain Faulkner 1 Power Plant
02 Abril 2008 - 10:04AM
Marketwired
VANCOUVER, BRITISH COLUMBIA (TSX VENTURE: NGP)(OTCBB: NGLPF) and
Ormat Technologies Inc.'s (NYSE: ORA), subsidiary Ormat Nevada Inc.
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.
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 Harbor 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.
Contacts: Nevada Geothermal Power Inc. Brian D. Fairbank, P.
Eng. President & CEO (604) 688-1553 or Toll Free:
1-866-688-0808 Investor Inquiries: Nevada Geothermal Power Inc.
Shelley Kirk (604) 688-1553 X118 or Toll Free: 1-866-688-0808 X118
Website: www.nevadageothermal.com Pro-Edge Consultants Inc. Tracy
Weslosky or Fred Cowans (416) 581-0177 or Toll Free: 1-866-544-9622
Email: info@pro-edge.com Website: www.pro-edge.com Ormat
Technologies Dita Bronicki CEO (775) 356-9029 Email:
dbronicki@ormat.com Investor Relations Contact: KCSA Strategic
Communications Todd Fromer/ Marybeth Csaby (212) 896-1214 (Todd) /
(212) 896-1236 (Marybeth) Email: tfromer@kcsa.com Email:
mcsaby@kcsa.com
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