RENO, Nev., Dec. 26, 2011
/PRNewswire/ -- Ormat Technologies, Inc. (NYSE: ORA) announced
today that on December 20, 2011,
Ormat Nevada Inc., its wholly-owned subsidiary, signed a
$21.4 million engineering,
procurement and construction (EPC) contract and a credit agreement
with Thermo No. 1 BE-01, LLC (Thermo I), a subsidiary of Cyrq
Energy, Inc., in connection with the construction of an Ormat
Energy Converter (OEC) at Thermo I's existing geothermal project in
Utah to increase
project's output and reduce operating costs.
(Logo: http://photos.prnewswire.com/prnh/20040422/LATH066LOGO
)
The project is expected to have a relatively short completion
schedule and could come on line by the middle of 2013. Under the
credit agreement Ormat will provide financing in an aggregate
principal amount not to exceed $22.7
million that will be used to finance the project
construction costs under the EPC contract with Thermo I.
Yoram Bronicki, President and COO
of Ormat Technologies said, "We are very happy to continue the
cooperation with Cyrq Energy, Inc. with the addition of the Thermo
1 and believe that the specifics of this project will allow for a
very rapid execution.
"The project will incorporate Ormat's low operating cost design
features which have been developed for small or remote installation
and are successfully operating in our recent installations and will
benefit this project greatly."
David Kay, Director of Cyrq said,
"We are pleased to continue the strategic partnership with Ormat on
this project. The construction of Thermo1 will prove commercial
viability of this resource and is the first step in our development
of several additional plants in the Thermo area."
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 1410 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:
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Dita
Bronicki
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Todd
Fromer / Rob Fink
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CEO
|
KCSA
Strategic Communications
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775-356-9029
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212-896-1215 (Todd) /212-896-1206 (Rob)
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dbronicki@ormat.com
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tfromer@kcsa.com / rfink@kcsa.com
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SOURCE Ormat Technologies, Inc.