Reno, Nev., May 19, 2016 -- Ormat Technologies, Inc. (NYSE: ORA) today announced that one of its subsidiaries has signed a $36 million Supply, Engineering, Procurement and Construction, (EPC) contracts, with Eastland Group for the Te Ahi O Maui geothermal project located near Kawerau, New Zealand. The construction of the project is expected to be completed in 2018.
Under the Supply & EPC contracts, Ormat will provide its air-cooled Ormat Energy Converter for the Te Ahi O Maui geothermal project. This project is a partnership between Eastland Generation and the Kawerau A8D Ahu Whenua Trust, who are the owners of the land on which the project will be constructed. Eastland Generation owns the geothermal power plant GDL, which was built by Ormat in 2008.
Isaac Angel, CEO of Ormat Technologies said, “New Zealand is an early pioneer in geothermal energy, and for the past forty years it has been the country with the most consistent policy support for geothermal energy. Ormat has been very active in New Zealand since the late 80’s, and we have installed our technology in 14 geothermal power plants covering over 350 MW. We are very pleased to partner with the Eastland Group, we look forward to share our technology, accumulated knowledge, and experience with our customer and to add to its portfolio another cost-effective and reliable power plant.”
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 72 U.S. patents, Ormat’s power solutions have been refined and perfected under the most grueling environmental conditions. Ormat has 450 employees in the United States and over 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 installed to utilities and developers worldwide, totaling over 2,000 MW of gross capacity. Ormat’s current 697 MW generating portfolio is spread globally in the U.S., Guatemala and Kenya.
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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 26, 2016.
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