Olkaria III Geothermal Complex in Kenya Reaches 110 MW With Commercial Operation of Plant 3
04 Fevereiro 2014 - 10:00AM
Ormat Technologies, Inc. (NYSE:ORA) announced today it successfully
completed construction and reached commercial operation of Plant 3
in the Olkaria III geothermal power plant complex almost three
months ahead of schedule. With Plant 3 online, the complex's total
generation capacity has increased to 110 MW. The power generated by
the Olkaria III complex, located in Naivasha, Kenya, is sold under
a 20-year power purchase agreement (PPA) with Kenya Power and
Lighting Company Limited (KPLC).
The Olkaria III complex was financed with a $310 million debt
facility provided by the Overseas Private Investment Corporation
(OPIC). In November 2013, Ormat drew down the remaining $45 million
available under the project finance debt facility for the
completion of Plant 3.
"Olkaria III is a prime example of our multi-stage approach to
project development generating higher investment returns and
reducing risk. In less than one year, we've completed
construction of two additional plants and, over the course of five
years, more than doubled the facility's generating
capacity. Due to our operational expertise and innovative
technology, we've accomplished that growth ahead of schedule
resulting in a significant increase in revenues," said Dita
Bronicki, chief executive officer of Ormat. "As we complete this
project, we remain committed to support the growing power needs of
Kenya with this indigenous, reliable and environmentally friendly
source of electricity. Kenya is an important market for our future
growth due to its high geothermal potential and we are focusing our
efforts on increasing our operation in Kenya."
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 approximately 1750 MW of gross capacity.
Ormat's current generating portfolio 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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