McGinness Hills Phase 2 Geothermal Power Plant Begins Commercial Operation
04 Fevereiro 2015 - 11:00AM
Ormat Technologies, Inc. (NYSE:ORA) announced today that the second
phase of its McGinness Hills geothermal power plant located in
Lander County, Nevada has begun commercial operation. Since
February 1, 2015, the complex sells electricity under the amended
Power Purchase Agreement with NV Energy at a new energy rate of
$85.58/MWh with a 1 percent annual escalator through December 2032.
The second phase broke ground on March 2014 following resource
confirmation and excellent performance of the first phase of
McGinness Hills, which had been operational since June 2012. During
the construction, the project has generated hundreds of direct and
indirect jobs in the United States. The support and cooperation of
the utility, state, county and federal agencies is credited for the
project coming on line and ahead of schedule.
The project received favorable project financing terms from the
Department of Energy's loan guarantee program under section 1705
and a $140 million loan was drawn under the OFC 2 Senior Secured
Notes in August 2014.
"Ormat continues to expand its generating capacity and enable
the increased use of green, renewable energy," commented Isaac
Angel, Ormat's CEO. "In less than three years we doubled the
generating capacity of the McGinness Hills complex adding firm
capacity to NV Energy's customer-benefitting renewable energy
resources. Implementing our phased development approach enables us
to bring on line the second phase rapidly as well as to take
advantage of economies of scale in the McGinness Hills
complex, and we expect it will further improve our financial
performances."
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
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 installed to utilities and
developers worldwide, totaling over 1,900 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 contains 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 the share exchange,
the related restructuring of the Ormat corporate group and the
anticipated consequences of the transaction and are based upon its
management's current expectations. These forward looking statements
include, among others, the benefits that Ormat Technologies
believes the transaction will create, including those related to
expected cost savings, enhanced liquidity, synergies, corporate
visibility and identity. Actual future results may differ
materially from those projected as a result of certain risks and
uncertainties. 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:
Smadar Lavi
Investor Relations
775-356-9029
slavi@ormat.com
Investor Relations Agency Contact:
Miri Segal/Brett Maas
MS/Hayden - IR
917-607-8654/646-536-7331
msegal@ms-ir.com/ brett@haydenir.com
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