RENO, Nev., Dec. 22, 2011
/PRNewswire/ -- Ormat Technologies, Inc. (NYSE: ORA) announced
today that it has signed a termination agreement with respect to
the power purchase agreement (PPA) and joint operating agreement
with NV Energy for the Carson Lake geothermal project in
Churchill County, Nev.
(Logo:
http://photos.prnewswire.com/prnh/20040422/LATH066LOGO)
The PPA was signed August 18,
2006, but permitting delays have prevented substantial
progress on the project site and on transmission until late this
year and had a significant impact on the development plan and the
economics of the project. As part of the termination
arrangements, Ormat will pay NV Energy a termination fee of
approximately $1.7 million that will
be recorded as an expense in the fourth quarter 2011 financial
statements. The Company will continue work on the project.
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 1,410 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
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212-896-1215(Todd)/212-896-1206 (Rob)
|
dbronicki@ormat.com
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tfromer@kcsa.com / rfink@kcsa.com
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SOURCE Ormat Technologies, Inc.