Ormat's Olkaria III Plant 1 Expansion Reaches Commercial Operation, Increasing Complex Capacity to 150 MW
27 Junho 2018 - 6:00PM
Ormat Technologies Inc. (NYSE:ORA) announced today that the 11 MW
Plant 1 expansion project in the Olkaria III complex in Kenya
successfully completed its tests and commenced commercial operation
on June 2, 2018.
Since 2000, Ormat has developed and expanded the
Olkaria III complex in phases and increased its generating capacity
from 13 MW to 139 MW by 2016. With the completion of the 11 MW
expansion project, the total generating capacity of the complex has
reached 150 MW. The scope of the project included drilling of new
wells, adding a new Ormat Energy Converter unit, and optimizing
other existing units.
The electricity generated from the expanded
Plant 1 will be sold to Kenya Power and Lighting Company Limited
under the terms of Plant 1 within the Olkaria III complex power
purchase agreement (PPA). The new capacity from the expansion is
expected to generate average annual revenues of approximately $8
million and to contribute to the Electricity segment
performance.
Ormat financed the Olkaria III complex with a
$310 million senior secured project finance loan and a $50 million
subordinated loan in 2012 and 2016, respectively. Plant 1 expansion
was financed by Ormat corporate sources and it is covered under a
political insurance umbrella policy from leading global insurers in
the private sector to cover exposure to certain political risks
involved in operating in developing countries.
“The Plant 1 expansion project demonstrates once
again the creativity of our engineering group that analyzed the
Olkaria complex operation, equipment and PPA and came up with a
plan that enabled us to increase the Olkaria III complex capacity
in a short timeframe and at cost effective manner,” commented Isaac
Angel, Ormat’s CEO.
“Kenya has a large geothermal potential along
the East African Rift,” added Mr. Angel. “Tapping into this
potential supports improved access to electricity and also
contributes to the economy of Kenya. During peak construction of
the Olkaria III Plant 1 expansion, more than 200 workers were hired
locally. In addition, several employees were hired permanently and
joined the Ormat team in the Olkaria III complex.”
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 77 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 770
overseas. Ormat’s flexible, modular solutions for geothermal power
and REG are ideal for 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 2,600 MW of gross capacity.
Ormat’s current 862 MW generating portfolio is spread globally in
the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe. In
March 2017, Ormat expanded its operations to provide energy storage
and energy management 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 energy storage,
demand response and energy management.
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 Form 10-K/A filed with the SEC on June 19,
2018.
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 LaviVP Corporate Finance and Head of
Investor Relations775-356-9029 (ext. 65726)slavi@ormat.com |
Investor
Relations Agency Contact:Rob FinkHayden -
IR646-415-8972rob@haydenir.com |
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