Ormat Secures $50 Million EPC Contract for the Ngawha Extension Geothermal Project in New Zealand
December 13 2017 - 8:00AM
Ormat Technologies Inc. (NYSE:ORA) today announced that one of its
subsidiary has signed approximately $50 million Engineering,
Procurement and Construction, (EPC) contract, with TOP ENERGY Ltd
for Ngawha extension geothermal project located in Ngawha, New
Zealand. The project is expected to be completed in the first
quarter of 2021.
Under the EPC contract, Ormat will provide its
air-cooled Ormat Energy Converters for the Ngawha geothermal
extension project. This is the third EPC contract Ormat has signed
with TOP ENERGY Ltd. The first one was for the Ngawha I power plant
in 1998 and the second for Ngawha II power plant in 2008.
Isaac Angel, CEO of Ormat Technologies said,
“This is the continuation of a long and mutually productive,
two-decade-long relationship between Ormat and TOP ENERGY. This
third significant contract demonstrates our full and long-term
commitment to our clients as well as an evidence to our technology
superiority over the project life span, designed to accommodate a
wide range of geothermal reservoirs, while maintaining maximum
flexibility and efficiency. We anticipate final notice to proceed
in the second half of 2018 and expect this contract to have a
significant contribution to our 2019 and 2020 product segment
revenues, providing longer-term visibility for this segment.”
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 73 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 720
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 installed to utilities and
developers worldwide, totaling over 2,500 MW of gross capacity.
Ormat current 776 MW generating portfolio is spread globally in the
U.S., Guatemala, Guadeloupe, Honduras, Indonesia and Kenya. Ormat
also intends to expand its operations and provide energy management
and energy storage solutions, by leveraging its core capabilities
and global presence.
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 1, 2017.
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
Investor Relations775-356-9029 (ext. 65726)slavi@ormat.com
Investor Relations Agency Contact:Rob FinkHayden -
IR646-415-8972rob@haydenir.com
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