Ormat Technologies Secures a $16 Million Contract for a Geothermal Power Plant in Turkey
26 Junho 2008 - 8:31PM
PR Newswire (US)
RENO, Nev., June 26 /PRNewswire-FirstCall/ -- Ormat Technologies,
Inc. (NYSE:ORA) today announced that one of its subsidiaries
entered into a supply contract for a new geothermal power plant to
be constructed in Turkey. The contract is valued at approximately
$16 million and delivery of the equipment is expected to be
completed within 16 months from the contract date. (Logo:
http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGO) The
customer, MEGE- Menderes Geothermal Elektrik Uretim, A.S., a
private developer and owner of the resource in Turkey, has one
operating Geothermal Power Plant that was supplied by Ormat in
2004. The new power plant significantly contributes to the local
authorities' efforts to develop the base load needs of Turkey
through dependable, indigenous and clean geothermal power,
optimizing the energy utilization by converting both geothermal
steam and brine from geothermal wells into electric power. The new
plant will use air-cooled condensers and allow 100% geothermal
fluid reinjection, which serves both to sustain the reservoir and
to produce electrical power with virtually no environmental impact.
Out of the four plants in Turkey, one uses water-cooled condensers
and the rest are air-cooled. All utilize the hi-performance
hi-efficiency organic turbine developed by Ormat for geothermal and
recovered-energy applications. With this new development, Ormat
technology maintains its leadership in the creation of electricity
from geothermal resources in Turkey, both in MW and number of power
plants. Dita Bronicki, CEO of Ormat Technologies, said, "This marks
our fourth order to supply equipment for geothermal power in Turkey
and continues our leadership position in creating clean energy both
in MW and the number of power plants in the country. With the
addition of this plant, Ormat will have increased the amount of MWs
it supplies to 20 countries to over 950 MW. We view this milestone
as a demonstration of the effectiveness and reliability of Ormat's
solutions and it further reinforces the applicability of our
renewable energy solutions to the world electricity markets." 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. 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. Ormat Technologies Contact: Investor Relations
Contact: Dita Bronicki Todd Fromer / Marybeth Csaby CEO KCSA
Strategic Communications 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, Inc.,
+1-775-356-9029, ; or investor relations, Todd Fromer,
+1-212-896-1215, , or Marybeth Csaby, +1-212-896-1236, , both of
KCSA Strategic Communications for Ormat Technologies, Inc. Web
site: http://www.ormat.com/
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