Ormat Extends PPA for Its Zunil Power Plant in Guatemala by Additional 15 Years
22 Janeiro 2014 - 10:00AM
Ormat Technologies, Inc. (NYSE:ORA) announced today its indirect,
wholly owned subsidiary signed an amendment to the power purchase
agreement (PPA) with Instituto Nacional de Electrificacion (INDE)
for its Zunil geothermal power plant in Guatemala. The
amendment extends the term of the PPA from 2019 to 2034.
The PPA amendment also transfers operation and management
responsibilities of the Zunil geothermal field from INDE to Ormat
for the term of the amended PPA in exchange for a tariff increase.
Additionally, INDE exercised its right under the PPA to become a
partner in the Zunil power plant with 3% equity interest.
Zunil geothermal power plant was built by Ormat and started
operation in 1999. Currently the power plant generates
approximately 50 % of its installed capacity due to lack of
sufficient geothermal resource supply. Ormat plans to improve the
heat supply to gradually increase generation, subject to monitoring
and assessment of the geothermal reservoir. Ormat expects this
improvement will increase the energy portion of revenues, which are
paid based on actual generation.
Dita Bronicki, chief executive officer of Ormat said, "We are
proud to have the opportunity to improve the performance of the
Zunil power plant and extend the PPA term of the project for an
additional 15 years. This supports our confidence in
Guatemala's economy and the potential of the Zunil geothermal
field. The hard work and dedication of our plant's operation team,
consisting entirely of skilled local employees, combined with our
experienced geothermal resource development team will ensure the
sustainable operation of additional clean, base-load power to
Guatemala's grid."
About Ormat Technologies, Inc.
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 over 500 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 over 1750 MW of gross capacity. Ormat's current
generating portfolio of 595 MW (net) is spread globally in the
U.S., Guatemala and Kenya.
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.
CONTACT: Ormat Technologies Contact:
Dita Bronicki
CEO
775-356-9029
dbronicki@ormat.com
Investor Relations Contact:
Rob Fink/Brad Nelson
KCSA Strategic Communications
212-896-1206 (Fink)/212-896-1217 (Nelson)
rfink@kcsa.com / bnelson@kcsa.com
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