RENO, Nev., May 2, 2013 /PRNewswire/ -- Ormat Technologies,
Inc. (NYSE: ORA) announced today that it reached commercial
operation of Plant 2 in the Olkaria III complex in Naivasha, Kenya,
increasing the company's total generating capacity by 36 MW to 611
MW worldwide. Ormat also plans to add an additional 16 MW of
generation at Olkaria III by building a third plant, which it
expects to complete in 2014. Once Plant 3 is complete, total
capacity at the Olkaria III complex will reach approximately 100
MW. The power generated in the Olkaria III complex is sold under a
20-year power purchase agreement (PPA) with Kenya Power and Lighting Company Limited
(KPLC).
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Ormat financed the new 36 MW plant, as well as the first two
phases of the complex completed in 2000 and 2009, with a
$265 million debt facility provided
by the Overseas Private Investment Corporation (OPIC). OPIC will
also finance the construction of Plant 3 with another $45 million debt facility.
As a clean, base-load power source, the Olkaria III geothermal
complex provides the country with a cost-effective alternative to
imported oil, offsetting approximately 450,000 tons of carbon
dioxide annually.
"Ormat benefited significantly from implementing a multi-phased
development strategy with Olkaria III and our success in
Kenya exemplifies the value of
this approach. Drawing knowledge from each phase of
development to improve project and plant performance as we
methodically expand has allowed us to maximize efficiency and
reduce risk," said Dita Bronicki, chief executive officer of Ormat.
"Ormat is proud to be a part of Kenya's efforts to provide reliable
power and reduce emissions for a cleaner future. We have achieved
these great accomplishments through the hard work and dedication of
many throughout our organization, including Olkaria III's operation
team comprised entirely of skilled local employees."
About Ormat Technologies
With over four decades of experience, Ormat Technologies, Inc.
is a leading geothermal company and the only vertically integrated
company solely engaged in geothermal and recovered energy
generation (REG). The company owns, operates, designs, manufactures
and sells geothermal and REG power plants primarily based on the
Ormat Energy Converter –a power generation unit that converts low-,
medium- and high-temperature heat into electricity. With over
82 U.S. patents, Ormat's power solutions have been refined and
perfected under the most grueling environmental conditions. Ormat
has 550 employees in the United
States and about 600 overseas. Ormat's flexible,
modular solutions for geothermal power and REG are ideal for the
vast range of resource characteristics. The company has
engineered, manufactured and constructed power plants, which it
currently owns or has supplied to utilities and developers
worldwide, totaling approximately 1600 MW of gross capacity.
Ormat's current generating portfolio of 611 MW (net) is spread
globally in the U.S., Guatemala,
Kenya, and Nicaragua.
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 March 11,
2013.
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
|
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.