RENO, Nev., Dec. 27, 2010 /PRNewswire/ -- Ormat Technologies,
Inc. (NYSE: ORA) announced today that its subsidiary, Ormat Nevada
Inc. ("Ormat"), decided not to proceed with the Part II of the DOE
loan guarantee program application for Wister, CD-4 and Dead Horse
Wells geothermal projects, currently under construction in
California and Nevada. The decision was made in
coordination with John Hancock Life Insurance Company (U.S.A.) ("John
Hancock") relative to the pending application for up to
$330 million in DOE funding. Ormat
has decided to explore commercial financing for the projects in
lieu of DOE support.
(Logo:
http://photos.prnewswire.com/prnh/20040422/LATH066LOGO)
Under the guidelines of the Financial Institution Partnership
Program ("FIPP") supported by Section 1705 of the American Recovery
and Reinvestment Act of 2009, projects backed by the program must
have all the permits necessary for the projects by September 2011. The decision by Ormat and
John Hancock to remove the projects
from the application was due to uncertainties in the permitting
process and the transaction costs associated with the program.
The Jersey Valley, McGinness Hills and Tuscarora projects, all located in
Nevada, are covered under a
separate DOE application that is in process. Ormat expects to
secure financing for these three Nevada projects under the FIPP program before
the program expires.
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, OREG 3 and OREG 4; in Guatemala - Zunil and Amatitlan; in
Kenya – Olkaria III; and, in
Nicaragua - Momotombo.
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.