RENO, Nevada, April 4, 2011 /PRNewswire/ -- Ormat Technologies,
Inc. (NYSE: ORA) announced today that its subsidiary, OrPower 4,
Inc., signed a 20-year power purchase agreement (PPA) amendment
with Kenya Power and Lighting
Company Limited (KPLC) to purchase an additional 36 megawatts (MW)
of clean energy output from a new power plant at the Olkaria
complex. The new plant will be constructed adjacent to the
existing 48MW Olkaria III geothermal power plant near Lake
Naivasha, Kenya. The new power plant is scheduled to come online in
2013.
(Logo:
http://photos.prnewswire.com/prnh/20040422/LATH066LOGO)
The PPA amendment includes an option to increase the combined
84MW capacity from the new and existing plants to up to 100 MWs
subject to monitoring and assessment of the geothermal reservoir
capacity. Ormat built the first 48 MW plant in three stages in
parallel to the resource development, allowing the Company to
advance revenue generation and long-term resource testing at
commercial conditions. The first stage commenced in
August 2000 with 8MW and was
developed as part of the initial appraisal of the Olkaria III
reservoir. This was followed by commercial well drilling and
construction of a second and third stage to reach the 48MW target
capacity, which was achieved in January
2009.
"Gradual development of a geothermal resource reduces a number
of risks as data is continuously refined while the process moves
forward. Using this phased approach, a power plant's final
design and future drilling programs are based on reliable resource
data derived from long-term and on-going operation of the
geothermal wells at commercial conditions rather than the short
term tests that are customary in the geothermal industry," said
Dita Bronicki, Chief Executive Officer of Ormat. "Ormat
continues to believe in Kenya's economy and is proud to have the
opportunity to expand Olkaria III by additional 36 MW. Our
accomplishments in Kenya have been achieved through the hard work
and dedication of our plant's operation team that has consisted
entirely of skilled local employees, managed by Eng. Ernest S. Mabwa, since the complex's earliest
stages."
The first plant has been in continuous operation since 2000 and
has achieved very high availability factors. Similar to the
technology used in the existing plant, the new plant will utilize
Ormat's air cooled technology, which does not consume any
water.
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 80 U.S. patents. Ormat has engineered and built power plants,
that it currently owns or has supplied to utilities and developers
worldwide, totaling approximately 1370 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,
Jersey Valley, 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 February 28, 2011.
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
|
Marybeth Csaby / Rob
Fink
|
|
CEO
|
KCSA Strategic
Communications
|
|
775-356-9029
|
212-896-1236 (Marybeth)
/212-896-1206 (Rob)
|
|
dbronicki@ormat.com
|
mcsaby@kcsa.com
/ rfink@kcsa.com
|
|
|
|
SOURCE Ormat Technologies, Inc.