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Mar 11, 2010Ormat Technologies Closes Acquisition of Hot Sulphur Springs II, LLC.
Today CanGEA member Ormat Technologies announced its wholly ownded subsidiary, Ormat Nevada Inc., has completed its acquisition of membership interests Hot Sulphur Springs II LLC, which includes the Tuscarora geothermal project in Nevada. Up to 40 MW of electricity from the project has been contracted under a 20-year power purchase agreement with Nevada Power Company.
Reno, Nevada, March 11, 2010 - Ormat Technologies (NYSE: ORA), today announced that its wholly owned subsidiary, Ormat Nevada Inc., has completed its acquisition of membership interests in the Hot Sulphur Springs II LLC(“HSS”), which includes the Tuscarora project.
Dita Bronicki, Chief Executive Officer of Ormat Technologies, said, “The Tuscarora project has the potential to yield a sizable geothermal project, and will be developed in phases with the first phase being 16 MW. As we are beginning construction work on the project this year, we are able to take advantage of government funding options that support renewable energy projects.”
As previously announced, the Tuscarora project is in an advanced stage of development. Ormat plans to construct and operate the project, which is expected to become operational in 2012. Up to 40 MW of electricity from the project has been contracted under a 20-year power purchase agreement with Nevada Power Company, a subsidiary of NV Energy, Inc. Terms of the power purchase agreement are pending customary regulatory approval. The Tuscarora project is located on approximately 9,800 acres of land in Elko County, Nevada.
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 75 U.S. patents. Ormat has engineered and built power plants, that it currently owns or has supplied to utilities and developers worldwide, totaling approximately 1300 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, Mammoth, Ormesa, Puna, Steamboat, OREG 1, OREG 2 and Peetz; in Guatemala - Zunil and Amatitlan; in Kenya – Olkaria III; and, in Nicaragua - Momotombo.
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