RENO, Nev., April 25, 2012 /PRNewswire/ -- Ormat
Technologies, Inc. (NYSE: ORA) announced today that Ormat Nevada
Inc., its wholly owned subsidiary, was selected to supply a
$61.2 million engineering,
procurement and construction (EPC) contract through a competitive
bid process. Under the expected EPC contract, which is
currently under negotiation, Ormat will provide two air-cooled
Ormat Energy Converters for a geothermal power plant project in
North America. The project is expected to be completed by the
end of 2013. Until the signature of the full EPC contract the
parties have entered into an interim agreement in the amount of
approximately $9 million for a
limited scope of work to ensure timely completion of the
project.
(Photo:
http://photos.prnewswire.com/prnh/20040422/LATH066LOGO)
Yoram Bronicki, president and COO
of Ormat said, "We are pleased to increase our backlog by this
project which will continue the strong product segment performance.
This development will incorporate Ormat's low-operating-cost design
and our consistent project completion standards."
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 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, Tuscarora, 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 29, 2012.
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
|
Todd
Fromer / Rob Fink
|
CEO
|
KCSA
Strategic Communications
|
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.