RENO, Nev., Nov. 28, 2011 /PRNewswire/ -- Ormat
Technologies, Inc. (NYSE: ORA) announced today that on November 22, 2011, Ormat Nevada Inc., its
wholly-owned subsidiary, signed a $65
million engineering, procurement and construction (EPC)
contract and a credit agreement with Lightning Dock Geothermal
HI-01, LLC (LDG), a subsidiary of Cyrq Energy, Inc., in connection
with the construction of LDG's geothermal project in New Mexico.
(Logo: http://photos.prnewswire.com/prnh/20040422/LATH066LOGO)
The EPC contract work is scheduled to be released in stages
based on LDG's progress in the well field drilling and development
necessary to support the project. Early engineering will be
released as soon as the basic well field characteristics are
confirmed in order to maintain the project schedule. Further work
will be released based on the progress of the well field
development. Under the credit agreement Ormat will provide
financing in an aggregate principal amount not to exceed
$66 million that will be used to
finance the project construction costs under the EPC contract with
LDG. The project is expected to come online by the end
of 2013.
Yoram Bronicki, President and COO
of Ormat Technologies, said, "The Lightning Dock project is an
opportunity to match Ormat's execution capabilities with Cyrq
Energy's front-end development that we hope will enable swift
project execution. This project is part of a broader
initiative between our two companies to co-develop projects at a
fast pace, while adhering to the traditional risk distribution
between Owner and Constructor."
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
worldwide1410 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
|
Todd Fromer/ Rob Fink
|
CEO
|
KCSA Strategic
Communications
|
775-356-9029
|
212-896-1215 (Todd)
//212-896-1206 (Rob)
|
dbronicki@ormat.com
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tfromer@kcsa.com
/rfink@kcsa.com
|
SOURCE Ormat Technologies, Inc.