Ormat Announces Commercial Operation of Plant 4 in Olkaria III in Kenya, Expanding Complex Capacity to Nearly 140 MW
04 Fevereiro 2016 - 11:30AM
Ormat Technologies, Inc. (NYSE:ORA) announced today that it reached
commercial operation of Plant 4 in the Olkaria III complex in
Kenya, increasing the complex total generating capacity by 29 MW to
139 MW.
Plant 4 will sell its electricity to Kenya Power
and Lighting Company Limited (KPLC) under a 20-year PPA. In
October 2015, Ormat signed an amendment to the Power Purchase
Agreement ("PPA") with KPLC that enables the increase of the
capacity of Plant 4 expansions to an aggregate of 100 MW, in
phases.
“With the commissioning of plant 4, the 140 MW
Olkaria III complex will provide clean and reliable electricity to
over 250,000 households in Kenya, supporting the Government of
Kenya’s 2030 vision to increase generation capacity,” noted Isaac
Angel, Chief Executive Officer “We are proud to be part of Kenya’s
efforts, and view this facility as a key component of our
geographic expansion strategy. Now that we have the commercial
terms in place, we will continue to evaluate the feasibility of
future expansions of the Olkaria III complex as well as other
prospects to support our growth in Kenya.”
Ormat has implemented a multi-phased development
strategy in Olkaria III. The first phase of Plant 1 commenced
operation in 2000 and the second phase in 2009. Plant 2 commenced
commercial operation in 2013 and plant 3 in 2014. Ormat financed
the first three plants of the complex with a $310
million debt facility provided by the Overseas Private
Investment Corporation (OPIC), the U.S. Government’s development
finance institution. Plant 4 was financed by Ormat equity
which is covered under insurance policy from MIGA (a member of the
World Bank Group) to cover its exposure to certain political risks
involved in operating in developing countries.
About Ormat Technologies
With over five 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), with the objective of becoming a
leading global provider of renewable energy. 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 69 U.S. patents, Ormat’s power
solutions have been refined and perfected under the most grueling
environmental conditions. Ormat has 470 employees in the United
States and over 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
installed to utilities and developers worldwide, totaling over
2,000 MW of gross capacity. Ormat’s generating portfolio is spread
globally in the U.S., Guatemala and Kenya.
Ormat’s Safe Harbor
StatementInformation 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 26, 2015.
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:
Smadar Lavi
Investor Relations
775-356-9029 (ext. 65726)
slavi@ormat.com
Investor Relations Agency Contact:
Rob Fink/Brett Maas
Hayden - IR
646-415-8972/646-536-7331
rob@haydenir.com / brett@haydenir.com
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