Ormat Technologies, Inc. To Develop A Geothermal Project In
Honduras
RENO, Nev., Nov. 13, 2012 /PRNewswire/ -- Ormat Technologies,
Inc. (NYSE: ORA) announced today that an Ormat subsidiary entered
into an agreement with Geotermica Platanares to acquire a late
stage development geothermal project in Honduras.
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http://photos.prnewswire.com/prnh/20040422/LATH066LOGO)
The project comprises of the rights to a field where exploration
work has been conducted in the past and a Power Purchase Agreement
for up to 35MW with the national utility of Honduras, ENEE.
Upon fulfillment of certain conditions precedent and the closing
of the transaction, Ormat will become the owner of all project
assets, including wells, land, the Power Purchase Agreement and
necessary permits to develop a geothermal project. Once the well
field is fully appraised and the power plant is constructed, Ormat
will hold the assets under a Build, Operate and Transfer (BOT)
structure for approximately 15 years.
"We are very excited about the opportunity to develop the first
geothermal power plant in Honduras
and the opportunity to bring Ormat's unique capabilities to
complete the project development work that has been done before"
said Yoram Bronicki, president and
COO of Ormat. "Our plan is to implement our staged
development strategy for green field prospects where a portion of
the plant comes on line fairly rapidly and allows Honduras to benefit from the value of clean,
base load renewable power while we assess the full potential of the
field and work to maximize the utilization of the existing
PPA."
The Platanares project is the first geothermal project in
Honduras and is regulated by the
Law to Promote the Generation of Electric Energy by Renewable
Resources, which was enacted in October
2007. Under this law, the project benefits from a joint
payment guarantee of the government of Honduras and ENEE for power produced and from
an income tax exemption during the first 10 years of operation.
About Ormat Technologies
Ormat Technologies, Inc. is
a leading geothermal company and the only vertically-integrated
company in the geothermal and recovered energy power business. The
company designs, develops, owns and operates geothermal and
recovered energy-based power plants around the world. Additionally,
the company designs, manufactures and sells geothermal and
recovered energy power units and other power-generating equipment,
and provides related services. The company has more than four
decades of experience in the development of environmentally-sound
power, primarily in geothermal and recovered-energy generation.
Ormat products and systems are covered by 82 U.S. patents. Ormat
has engineered and built power plants that it currently owns or has
supplied to utilities and developers worldwide, totaling over 1,500
MW of gross capacity. Ormat's current generating portfolio
includes the following geothermal and recovered energy-based power
plants: in the United States -
Brady, Brawley, Heber, Jersey Valley, Mammoth, McGinness Hills,
Ormesa, Puna, Steamboat,
Tuscarora, OREG 1, OREG 2, OREG 3,
and OREG 4; in Guatemala - Zunil
and Amatitlan; in Kenya – Olkaria
III; and, in Nicaragua -
Momotombo.
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 February 29, 2012 and Quarterly Report on Form
10-Q filed with the Securities and Exchange Commission on
November 8, 2012.
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:
|
Investor
Relations Contact:
|
Dita
Bronicki
|
Todd
Fromer/Rob Fink
|
CEO
|
KCSA
Strategic Communications
|
775-356-9029
|
212-896-1215 (Todd) /212-896-1206 (Rob)
|
dbronicki@ormat.com
|
tfromer@kcsa.com / rfink@kcsa.com
|
SOURCE Ormat Technologies, Inc.