First U.S.-Indonesia Geothermal Project to be Developed Following President Obama's Asia Pacific Comprehensive Energy Partner...
08 Outubro 2013 - 9:00AM
Ormat Technologies Inc. (NYSE:ORA) announced that it has signed an
agreement for the development of the Hu'u Dompu project in
Indonesia. The agreement was signed today in the presence of Penny
Pritzker, Secretary of Commerce for the U.S. Department of
Commerce. President Obama's U.S. Asia Pacific Comprehensive Energy
Partnership (USACEP) is encouraging U.S. companies to develop
renewable energy in South East Asian countries, including
Indonesia. Ormat will develop the project through the project
company Pacific Geo Energy (PAGE). The Hu'u Dompu greenfield
geothermal project is located in West Nusa Tenggara Province on
Indonesia's Sumbawa Island, and may be developed for up to 60
megawatts (MW) in three phases over the next six years.
"President Obama has made it very clear that the United States
is deeply committed to deepening our commercial and economic ties
in the Asia-Pacific. Part of increasing our engagement in the
region will be achieved as U.S. and Asian businesses work together
on projects that benefit both of our economies," said U.S.
Secretary of Commerce Penny Pritzker. "A joint project like this
represents a clear win-win for our bilateral commercial
relationship with Indonesia, and demonstrates the opportunities
that exist in the world's fastest-growing region for U.S. companies
to not only sell their goods and services but share their expertise
and drive development in high-priority areas like clean
energy."
Ormat's greenfield development experience combined with
extensive knowledge of the Indonesian geothermal market brings
significant value to meeting USACEP goals. In addition, the
Hu'u Dompu geothermal project will benefit from Ormat's phased
approach to greenfield development, unique exploration tools
developed in the U.S., flexible power plant technology, operational
experience and knowledge base provided by the U.S. subsurface
industry.
Under the terms of the agreement with the initial developers,
Ormat will hold a 90 percent stake in the project, while the
remaining 10 percent will be held by the current owners of PAGE, PT
Trimatra Energy and PT Bima Transindo Persada. PAGE obtained
the geothermal license for the project, which entitles it to a
power purchase agreement price of ¢9.65/kWh.
Dita Bronicki, chief executive officer of Ormat said, "As the
first greenfield development for Ormat in Indonesia, we are pleased
with the opportunity that this project presents. Together with
our new local partners and the support from U.S. and international
sources, we're hopeful that this prospect will be a successful
source of renewable sustainable and affordable energy to Sumbawa
Island."
The development of the Hu'u Dompu geothermal project will
contribute significant economic value to the U.S. industrial sector
and support valuable domestic U.S. jobs in renewables. Through the
various phases of exploration, development and construction, U.S.
export content will be sourced from states stretching
coast-to-coast including California, Nevada, Minnesota, Wisconsin,
Massachusetts, Iowa and South Carolina. An estimated 530 U.S.
jobs will be created or retained throughout project
development. Upon completion, the Hu'u Dompu geothermal
project will save 500,000 tons of carbon dioxide emissions each
year of operation.
This project supports the goals of the USACEP, which was
launched by President Obama and the leaders of Indonesia and Brunei
to improve the region's ability to provide energy for its citizens.
The Partnership aims to drive investment and facilitate progress
through four key regional priorities: encouraging the use of
renewables and cleaner energy, developing cross-border
connectivity, promoting the greater use of natural gas, and
addressing rural electrification issues and energy efficiency.
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 82
U.S. patents, Ormat's power solutions have been refined and
perfected under the most grueling environmental conditions. Ormat
has over 500 employees in the United States and about 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 supplied to utilities and developers
worldwide, totaling approximately 1600 MW of gross capacity.
Ormat's current generating portfolio of 595 MW (net) is spread
globally in the U.S., Guatemala and Kenya.
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 11,
2013.
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:
Dita Bronicki
CEO
775-356-9029
dbronicki@ormat.com
Investor Relations Contact:
Todd Fromer/Rob Fink
KCSA Strategic Communications
212-896-1215 (Fromer)/212-896-1206 (Fink)
tfromer@kcsa.com / rfink@kcsa.com
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