Ormat Technologies, Inc. Signs a New 20-Year PPA with Nevada Power Company for 30 MW of Geothermal Power
09 Novembro 2009 - 11:00AM
PR Newswire (US)
Industry Stimulated by New Funding Options RENO, Nevada, Nov. 9
/PRNewswire-FirstCall/ -- Ormat Technologies, Inc. (NYSE:ORA)
announced that one of its subsidiaries has signed a 20-year power
purchase agreement (PPA) with Nevada Power Company (a subsidiary of
NV Energy, Inc.) to purchase 30 megawatts (MW) from the McGinness
Hills Geothermal project, which is currently under construction.
The PPA is subject to various approvals including the approval of
the Public Utilities Commission of Nevada and is projected to come
on line in 2012. (Logo:
http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGO) When
completed, the McGinness Hills project will increase the total
output supplied from Ormat to NV Energy, Inc. to approximately 135
MWs, helping the utility to meet its renewable energy requirement.
The renewable portfolio standard legislation requires 15 percent of
all electricity generated in Nevada to be derived from new
renewable energy sources by the end of 2012. Dita Bronicki, CEO of
Ormat said, "We have enjoyed a long and successful relationship
with NV Energy and are grateful for its support of geothermal
power. This PPA is further evidence that geothermal can supply a
significant amount of power and is a preferable choice given its
cost effectiveness, reliability and baseload nature." "Recent
funding options and renewable legislation provide attractive
alternatives for financing of new geothermal development," Dita
Bronicki, CEO of Ormat continued. "The McGinness project is
expected to be eligible for ITC Cash grant or for PTC, and we also
expect to apply for a DOE loan guaranty for its debt financing."
The McGinness Hills project will consist of Ormat binary energy
converters that re-inject the geothermal fluid produced. The
project will not produce any environmentally harmful emissions
while working continuously to provide power 24 hours per day, 7
days per week. 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 75 U.S. patents. Ormat has
built over approximately 1,200 MW of plants half for its own
account and half as supplies to utilities and developers. Ormat
current generating portfolio includes the following geothermal and
recovered energy-based power plants: in the United States - Brady,
Heber, Mammoth, Ormesa, Puna, Steamboat, OREG 1, OREG 2 and Peetz;
in Guatemala - Zunil and Amatitlan; in Kenya - Olkaria III; in
Nicaragua - Momotombo and in New Zealand - GDL. 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 2, 2009. 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, Ormat Technologies, Inc.,
+1-775-356-9029, ; Investor Relations, Todd Fromer,
+1-212-896-1215, , Marybeth Csaby, +1-212-896-1236, , both of KCSA
Strategic Communications Web Site: http://www.ormat.com/
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