North Brawley Power Plant Placed in Service; Currently Generating 17 MW; Additional Operations Update
09 Fevereiro 2010 - 8:50PM
PR Newswire (US)
RENO, Nev., Feb. 9 /PRNewswire-FirstCall/ -- Ormat Technologies,
Inc. (NYSE:ORA) announced today that its North Brawley power plant
in California has been placed in service and is currently operating
at a stable capacity of 17 MW. (Logo:
http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGO) As
previously disclosed, while the Company believes that the North
Brawley reservoir is sufficient to support the 50MW output, the
re-injection of the geothermal fluid has been a challenge due to
the exceptional amount of un-dissolved solids in the geothermal
fluid. During the last few months the Company has made substantial
progress in its ability to manage the solids production by
installing temporary measures. As a result, the Company is now able
to maintain a stable generation level of 17 MW, while awaiting the
arrival of permanent equipment for the solids handling. The Company
believes that the permanent equipment will provide both a higher
efficiency and lower operating cost for the facility. However, it
appears that even with the solids in check, the injection capacity
of some of the wells is disappointing and the Company is evaluating
how to increase the injection capacity and bring the plant to its
rated design. The Company plans to request the power purchase
agreement off taker to extend the firm operation date to the end of
the year, which it expects allows sufficient time to bring the
power plant to its design capacity of 50MW. Because the Company
expects to incur additional capital expenditures to fully resolve
the operational issues described above, it has temporarily deferred
submitting an application for the ITC cash grant for the project.
The cash grant is expected to be more than $100 million. 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's 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 and OREG 2; 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 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 (Todd)
/212-896-1236 (Marybeth) /
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 investors, 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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