Nevada Geothermal Issues Full Notice to Proceed to Ormat for the Blue Mountain Faulkner 1 Power Plant
04 Setembro 2008 - 4:00PM
Marketwired
Nevada Geothermal Power Inc. (NGP) (TSX VENTURE: NGP)(OTCBB: NGLPF)
and Ormat Technologies Inc. (NYSE: ORA) announced today that NGP
Blue Mountain 1 LLC (NGP 1) has issued a Full Notice to Proceed
(FNTP) under its fixed-price, date-certain engineering, procurement
and construction (EPC) contract with Ormat Nevada Inc. to supply
and construct the Phase 1 49.5 MW gross 'Faulkner 1' geothermal
power plant at Blue Mountain, Nevada.
Ormat has completed the engineering and design and started
procurement of certain plant components under Limited Notices to
Proceed (LNTP) which have been in place since February 2008. Site
work will commence immediately. Under the EPC contract, Ormat
guarantees to achieve substantial completion no later than December
31, 2009.
"Ormat is a recognized world leader in the geothermal industry
and with Ormat's expertise in the construction of binary geothermal
power plants, we are supremely confident that NGP's Blue Mountain
'Faulkner 1' geothermal power plant will be up and running at the
end of December 2009. We appreciate Ormat's cooperation through the
financing process," stated Brian Fairbank, President and CEO of
NGP.
"We are happy that NGP was able to finalize and secure the
financing of this project that enables the issuance of the Full
Notice to Proceed to Ormat and are looking forward for a successful
completion of the project as scheduled," said Dita Bronicki, CEO of
Ormat Technologies Inc.
Blue Mountain is located 30 kilometers (20 miles) west of the
town of Winnemucca, Nevada. The electric power generated by
Faulkner 1 will be sold to Nevada Power Company under a 20-year
Power Purchase Agreement.
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.
About Nevada Geothermal Power
Nevada Geothermal Power Inc. is a renewable energy company
developing geothermal projects in the United States to provide
electrical energy that is clean, efficient and sustainable. NGP
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. These properties are at different levels of exploration
and development. NGP estimates a potential of approximately 150 MW
to over 200 MW from the current leaseholds.
Nevada Geothermal Power Inc.
Brian D. Fairbank, P. Eng., President & CEO
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.
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.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: Investor Inquiries: Nevada Geothermal Power Inc.
Shelley Kirk (604) 688-1553 X118 or Toll Free: 1-866-688-0808 X118
Website: www.nevadageothermal.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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