Ormat Technologies Acquires 49% of Ijen Geothermal Project in Indonesia
02 Julho 2019 - 6:00AM
Ormat Technologies, Inc.1 (NYSE: ORA) today announced that it has
signed and closed a set of agreements to acquire from a Medco Power
subsidiary 49% in the Ijen geothermal project company, which is
holding the geothermal license to develop Ijen project in East
Java. This acquisition further bolsters Ormat’s global portfolio,
and particularly strengthens its position in Indonesia.
Under terms of the agreements, Ormat will
acquire 49% of the shares of the Ijen geothermal project company
and will commit to additional funding for the project exploration
and development, subject to specific conditions. A subsidiary
of Medco Power will retain 51% ownership in the company. Ormat and
Medco will develop the project jointly.
“We have established a tremendous relationship
with Medco, including partnering on our Sarulla plant, and we are
excited to extend this relationship to a second major project in
Indonesia,” commented Isaac Angel, Chief Executive Officer. “As
part of this partnership, Ormat holds a preferential right to
supply equipment to the project, leveraging our expertise and
increasing the opportunities for our product segment. Medco shall
hold a preferential right to operate and manage the project after
its commercial operation, in-line with Medco’s significant
operation and maintenance experience.
Indonesia has significant volcanic geology that
is reported to have a major part of the world's potential
geothermal resources, estimated at 28,000 megawatts. The government
of Indonesia has announced plans to produce more than 9,000 MW of
geothermal power by 2025, becoming the world's leading geothermal
energy producer. This would account for 5% of Indonesia's total
energy needs, creating significant opportunities for additional
geothermal expansion.”
The Ijen project assets, whose final capacity
will be determined after exploration, include a geothermal
concession and 30-year PPA for up to 110 MW capacity. The project
is ready for exploration and development with some slim holes
already drilled and commercial operation is expected at the end of
2022.
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 584 employees in the United States and 762
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 2,900 MW of gross capacity.
Ormat’s current 910 MW generating portfolio is spread globally in
the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe.
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.
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’s Form 10-K
filed with the Securities and Exchange Commission (“SEC”) on March
1, 2019 and from time to time, in Ormat’s quarterly reports on Form
10-Q that are filed with the SEC.
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.
1 Ormat Technologies, Inc. is also referred to
herein as the “Company”, “Ormat”, “we” or “us”
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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