RENO, Nev., July 16, 2012 /PRNewswire/ -- Ormat
Technologies, Inc. (NYSE:ORA) announced today that its wholly owned
subsidiary, Ormat Nevada Inc., concluded and signed a $61.4 million engineering, procurement and
construction (EPC) contract with Enel Green
Power North America. Under the EPC contract, Ormat will
provide two air-cooled Ormat Energy Converters at Enel's Cove Fort
geothermal power plant project in southern Utah.
(Logo:
http://photos.prnewswire.com/prnh/20040422/LATH066LOGO)
As previously announced on April 25,
2012, the parties have entered into an interim agreement in
the amount of approximately $9
million to ensure timely completion of the project. Now that
the full EPC contract has been executed, Ormat's product backlog
announced May 8, 2012 increased by an
additional $52 million to a total of
approximately $260 million, most of
which is expected to be recognized as revenues through 2013.
"This development will incorporate Ormat's low-operating-cost
design and our consistent project completion standards," said
Yoram Bronicki, president and COO of
Ormat. "We've had great success in deploying similar
equipment to a myriad of projects worldwide and we intend to
continue reinforcing this track record in established and new
markets."
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 1470 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:
|
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
|
SOURCE Ormat Technologies, Inc.