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Ormat Technologies Secures a $65
Million Contract for a New Geothermal Power Plant
in Costa Rica
Jan 21, 2009 - /PRNewswire-USNewswire/
Ormat Technologies, Inc. today announced that it
has signed a contract with Banco Centroamericano de
Integracion Economica ("BCIE") for the supply, supervision
of installation, start-up and testing of Las Pailas
Geothermal Plant, a new geothermal power plant that
is to be constructed in Las Pailas Field, Costa Rica.
(Logo: http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGO)
The plant will be utilized by Instituto Costarricense
de Electricidad ("ICE"), the Costa Rican national
electricity and telecommunications company. The contract
is valued at approximately $65 million and supply
of the power plant is expected to be completed within
18 months from the contract start date. BCIE, a major
regional development bank founded in 1960, has contributed
to the transformation of Central America into a dynamic
region.
This is the second order for an Ormat geothermal
power plant in Costa Rica for operation by ICE. ICE
has been operating an Ormat 18 MW binary geothermal
power plant in Miravalles V since 2004. Ormat has
been actively designing, supplying, upgrading and
operating geothermal power solutions in Central America
since 1999.
Dita Bronicki, CEO of Ormat Technologies, said, "We
are very pleased to receive this repeat contract for
a geothermal project in Costa Rica and to be able
to contribute to the Country's effort to move closer
to independence from fossil energy sources. The award
of these contracts demonstrates the trust that BCIE
and ICE have in our ability to contribute experience
and knowledge to the development of this new geothermal
field, and we look forward to delivering a high performing
power plant on schedule and once again work with ICE's
geothermal team."
Ms. Bronicki concluded, "We view this milestone as
a demonstration of the effectiveness and reliability
of Ormat's solutions and it further reinforces the
applicability of our renewable energy solutions to
the world electricity markets."
The Pailas plant will mark the fifth geothermal power
plant with total capacity of over 150 MW erected and
upgraded in Central America by Ormat. The new plant
will use water-cooled condensers and will utilize
the hi-performance, hi-efficiency organic turbine
developed by Ormat for geothermal and recovered-energy
applications.
About Ormat Technologies
Ormat Technologies, Inc. is the only vertically-integrated
company primarily engaged 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 more than 75 U.S. patents.
Ormat current generating portfolio includes the following
geothermal and recovered energy-based power plants:
in the United States - Brady, Heber, Mammoth, Ormesa,
Puna, Steamboat and OREG 1; in Guatemala - Zunil and
Amatitlan; in Kenya - Olkaria; in Nicaragua - Momotombo
and in New Zealand - GDL.
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 5, 2008 and on Quarterly Report on Form 10-Q
filed with the Securities and Exchange Commission
on November 6, 2008.
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 / Marybeth Csaby CEO KCSA
Strategic Communications 775-356-9029 212-896-1215/212-896-1236
dbronicki@ormat.com tfromer@kcsa.com/mcsaby@kcsa.com
Photo: http://www.newscom.com/cgi-bin/prnh/20040422/LATH066LOGOhttp://photoarchive.ap.org/photodesk@prnewswire.com
Ormat Technologies, Inc.
CONTACT: Ormat Technologies Contact, Dita Bronicki,
CEO,+1-775-356-9029, dbronicki@ormat.com; or Investor
Relations Contact, ToddFromer, +1-212-896-1215, tfromer@kcsa.com,
or Marybeth Csaby, +1-212-896-1236,mcsaby@kcsa.com,
KCSA Strategic Communications, both for Ormat Technologies,Inc.
Web Site: http://www.ormat.com/
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