Ormat Technologies Secures a $65 Million Contract for a New Geothermal Power Plant in Costa Rica
21 Janeiro 2009 - 8:32AM
PR Newswire (US)
RENO, Nev., Jan. 21 /PRNewswire-FirstCall/ -- Ormat Technologies,
Inc. (NYSE:ORA) today announced that it has signed a contract with
Banco Centroamericano de Integracion Economica ("BCIE") for the
supply, supervision of installation, start-up and testing of Las
Pailas Geothermal Plant, a new geothermal power plant that is to be
constructed in Las Pailas Field, Costa Rica. (Logo:
http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGO) The plant
will be utilized by Instituto Costarricense de Electricidad
("ICE"), the Costa Rican national electricity and
telecommunications company. The contract is valued at approximately
$65 million and supply of the power plant is expected to be
completed within 18 months from the contract start date. BCIE, a
major regional development bank founded in 1960, has contributed to
the transformation of Central America into a dynamic region. This
is the second order for an Ormat geothermal power plant in Costa
Rica for operation by ICE. ICE has been operating an Ormat 18 MW
binary geothermal power plant in Miravalles V since 2004. Ormat has
been actively designing, supplying, upgrading and operating
geothermal power solutions in Central America since 1999. Dita
Bronicki, CEO of Ormat Technologies, said, "We are very pleased to
receive this repeat contract for a geothermal project in Costa Rica
and to be able to contribute to the Country's effort to move closer
to independence from fossil energy sources. The award of these
contracts demonstrates the trust that BCIE and ICE have in our
ability to contribute experience and knowledge to the development
of this new geothermal field, and we look forward to delivering a
high performing power plant on schedule and once again work with
ICE's geothermal team." Ms. Bronicki concluded, "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."
The Pailas plant will mark the fifth geothermal power plant with
total capacity of over 150 MW erected and upgraded in Central
America by Ormat. The new plant will use water-cooled condensers
and will utilize the hi-performance, hi-efficiency organic turbine
developed by Ormat for geothermal and recovered-energy
applications. 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 U.S. patents.
Ormat current generating portfolio includes 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; in
Nicaragua - Momotombo and in New Zealand - GDL. 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 and on
Quarterly Report on Form 10-Q filed with the Securities and
Exchange Commission on November 6, 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: Ormat Technologies Contact, Dita Bronicki, CEO,
+1-775-356-9029, ; or Investor Relations Contact, Todd Fromer,
+1-212-896-1215, , or Marybeth Csaby, +1-212-896-1236, , KCSA
Strategic Communications, both for Ormat Technologies, Inc. Web
Site: http://www.ormat.com/
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