RENO, Nev., June 28 /PRNewswire-FirstCall/ -- Ormat
Technologies, Inc. (NYSE: ORA) announced today that its
subsidiary Ormat International, Inc., ("Ormat") and JFE Engineering
Corporation ("JFEE"), a subsidiary of JFE Holdings, Inc. of
Japan, have executed a Cooperation
Agreement for implementing geothermal power plant projects in
Japan on an Engineering
Procurement and Construction ("EPC") basis utilizing Ormat's
proprietary binary cycle ORMAT® Energy Converters ("OEC") and
Geothermal Combined Cycle Units.
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Ormat shall supply the power generation equipment and related
engineering while JFEE shall undertake the construction of the
power plants and the related balance of plant, infrastructure and
field surface facilities. JFEE shall also provide local maintenance
services as may be required by clients.
The first commercial binary power plant in Japan was the Ormat 2 MW OEC supplied to the
Kyushu geothermal facility at Hatchobaru. The Ministry of Economy,
Trade and Industry of Japan
announced plans to implement policies to stimulate growth in the
country's geothermal installed capacity in the next 10 years, to
over 670 MW. Geothermal energy is part of Japan's Renewable Portfolio Standard. The
Company believes that a significant part of this potential is
suited to Ormat's technology.
Ormat is represented in Japan
by Itochu Corporation. Itochu and Ormat are partners in
geothermal projects in Indonesia
and were partners in a geothermal BOT project in the Philippines.
Lucien Bronicki, Chairman and
Chief Technology Officer of Ormat Technologies, stated, "We expect
that the synergy brought about by this cooperation with JFEE and
the ongoing support of Itochu Corporation shall significantly
enhance our ability to provide a 'full service' capability for our
equipment and technology in Japan,
and thereby assist us to participate in a meaningful way in the
anticipated expansion of the Japanese geothermal industry."
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 engineered and built power plants,
that it currently owns or has supplied to utilities and developers
worldwide, totaling approximately 1300 MW of gross capacity.
Ormat's current generating portfolio includes the following
geothermal and recovered energy-based power plants: in the United States - Brady, Brawley, Heber,
Mammoth, Ormesa, Puna, Steamboat, OREG 1, OREG 2 and Peetz; in
Guatemala - Zunil and Amatitlan;
in Kenya - Olkaria III; and, in
Nicaragua - Momotombo.
About JFE Engineering Corporation and JFE Group:
JFE Engineering Corporation ("JFEE") is the comprehensive
engineering arm of JFE Group. It operates as a subsidiary of JFE
Holdings, Inc. JFEE operates in five divisions: Energy Industries
Engineering, Environmental Industries Engineering, Water and Waste
Water Engineering, Steel Structure Engineering, and Industrial
Machinery Engineering. The Energy Industries Engineering division
manufactures pipeline systems, storage base systems, process
plants, on-site energy supply, district heating and cooling,
cogeneration, and geothermal energy utilization systems. In
geothermal power plant projects, JFE Engineering has provided steam
and brine separation systems and brine re-injection facilities in
Japan since 1960s. It has
construction experience for 9 geothermal power plants in
Japan and one plant in
Kenya. JFE Holdings is a holding
company of JFE Group, JFE Steel, JFE Engineering, Universal
Shipbuilding, JFE Urban Development and Kawasaki
Microelectronics.
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
8, 2010.
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:
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Investor Relations
Contact:
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Dita
Bronicki
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Marybeth Csaby/Rob
Fink
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CEO
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KCSA Strategic
Communications
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775-356-9029
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212-896-1236
(Marybeth)/212-896-1206 (Rob)
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dbronicki@ormat.com
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mcsaby@kcsa.com/ rfink@kcsa.com
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SOURCE Ormat Technologies, Inc.