Ormat Commissions the First Geothermal Power Plant in Honduras
26 Setembro 2017 - 9:55AM
Ormat Technologies, Inc. (NYSE:ORA) today announced that its 35 MW
Platanares geothermal project in Honduras has commenced commercial
operation.
Ormat signed a Build, Operate, and Transfer
(BOT) contract for the Geotérmica Platanares geothermal project in
Honduras with ELCOSA, a privately owned Honduran energy company,
for 15 years from commercial operation date (COD). Geotérmica
Platanares sells its power, under a 30-year power purchase
agreement with the national utility of Honduras, ENEE. The
project is expected to generate average annual revenue of
approximately $33 million.
The Platanares power plant was built using Ormat
equity funds and is expected to be refinanced with project finance
debt that will be provided by the Overseas Private Investment
Corporation (OPIC), the U.S. Government’s development finance
institution. The financing is expected to be signed and closed
within a couple of months following COD and the fulfillment of
certain conditions precedent set forth in the loan documents.
“The addition of Platanares, Honduras' first
geothermal power plant, to our operating portfolio is an important
milestone, underscoring our commitment to growing internationally,”
noted Isaac Angel, Chief Executive Officer “Since we started to
implement our strategic plan to expand our global footprint, we
have diversified our operating portfolio with three new regions and
are currently operating 762 MW in six countries. We are working on
multiple prospects in Africa, Asia and Central America and plan to
enhance our presence where there is a potential along with solid
demand for reliable geothermal power.”
The Platanares geothermal project is regulated
by the Law to Promote the Generation of Electric Energy by
Renewable Resources, which was enacted in 2007. Under this law, the
project is expected to benefit from a 10-year income tax
holiday.
About Ormat Technologies
With over five decades of experience, Ormat
Technologies, Inc. is a leading geothermal company and the only
vertically integrated company 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 73 U.S. patents, Ormat’s power solutions have
been refined and perfected under the most grueling environmental
conditions. Ormat has 530 employees in the United States and 720
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 2,200 MW of gross capacity.
Ormat’s current 762 MW generating portfolio is spread globally in
the U.S., Guatemala, Guadeloupe, Indonesia and Kenya. Ormat also
intends to expand its operations and provide energy management and
energy storage solutions, by leveraging its core capabilities and
global presence as well as through its Viridity Energy Solutions,
Inc. subsidiary, a Philadelphia-based company with nearly a decade
of expertise and leadership in demand response, energy management
and storage.
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 1, 2017.
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 Head of 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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