Sarulla Consortium Reached Financial Closing Under the $1.17 Billion Financing Agreements for 330 MW Sarulla Geothermal Proje...
23 Maio 2014 - 9:00AM
Ormat Technologies, Inc. (NYSE:ORA) announced today that the
Sarulla consortium fulfilled all conditions precedent and reached
financial closing allowing the first drawdown under the $1.17
billion financing agreement for the 330 MW project in Indonesia.
In connection with the financial closing, the Company will add
$254.0 million to its product backlog related to the Ormat Energy
Converters it will supply to the plant. With this addition, Ormat's
backlog increases to $375 million, up from $120 million as of May
8, 2014 (including revenues for the period between April 1, 2014
and today). The Company expects begin recognizing revenues from
this contract in the second half of 2014.
The Japan Bank for International Cooperation, the Asian
Development Bank and six commercial banks provided the Sarulla
project financing, which was announced on March 28, 2014. Ormat
holds a 12.75% equity stake in the project, with other equity
participants being Medco, Itochu and Kyushu.
Dita Bronicki, chief executive officer of Ormat Technologies,
said, "We are delighted to finally get to the final stage of
development of this landmark project and move to the construction
phase. The fact that Ormat will be supplying equipment to what will
be the largest geothermal power plant to date is a testament to the
superiority of our technology. We are happy to be able to report a
record backlog for our product segment, and more importantly, a
backlog with a visibility that provides a base level of products
sale for the next 3 years."
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
77 U.S. patents, Ormat's power solutions have been refined and
perfected under the most grueling environmental conditions. Ormat
has 480 employees in the United States and about 640 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 1,750 MW of gross capacity. Ormat's
current generating portfolio of 626 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 February 28, 2014.
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) /212-896-1249 (Nelson)
rfink@kcsa.com / bnelson@kcsa.com
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