Ormat Technologies, Inc. Awarded First Tender For Geothermal Power Plant By GDC In Kenya
Reno, NV /PRNewswire/ -- Ormat Technologies, Inc. (NYSE: ORA ) today announced that Geothermal Development Company (GDC), owned by the Government of Kenya, has awarded Ormat International Inc., a subsidiary of Ormat Technologies, Inc., its first well head power plant project in the Menengai geothermal field in Kenya on a Build-Own-Transfer (BOT) basis. The award is the result of an international tender for the design, manufacturing, procurement, construction and commissioning of the six-megawatt geothermal well head power plant. The Menengai geothermal field is located on the outskirts of the town of Nakuru, about 180 Km west of Nairobi.
Geothermal resources in Kenya, within the Rift Valley, have an estimated potential over 10,000 MW spread across 14 prospective sites. GDC was created in 2008 for the specific purpose of accelerating the development of geothermal in Kenya. In the Menengai field, GDC is drilling Phase I of their estimated 400 MW project, with a plan to start generating electricity with well head power plants as drilling progresses. The advantage of the concept to be implemented in the Menegai field is that revenues are generated early and in parallel to the continued development and testing of the geothermal field. Following GDC's successful drilling of the first well (MW-01) in Menengai, GDC selected Ormat to build the first geothermal power plant included in GDC's geothermal development plan. GDC will supply the steam for conversion to electricity by Ormat's power plant.
Since 2000, Ormat has owned and operated the Olkaria III geothermal power plant which is now in its third phase of development and expected to reach 84 MW once the expansion is complete. The facility, featuring Ormat's original air-cooled technology, has been operated by an entirely Kenyan team throughout commercial operation.
In addition, Ormat also provided the first combined heat and power geothermal plant to a private greenhouse specializing in flower export from Kenya.
Commenting on the award, Dita Bronicki, CEO of Ormat, said, "This award both reinforces Ormat's position as a leader in the geothermal industry, as well as demonstrates our strong commitment to the development of geothermal projects throughout the world using our original technology to match specific local resource conditions. We are happy to be part of the future geothermal development in Kenya as we continue to increase our activities as owner of power plants in the area."
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 80 U.S. patents. Ormat has engineered and built power plants, that it currently owns or has supplied to utilities and developers worldwide, totaling approximately 1410 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, Ormesa, Puna, Steamboat, OREG 1, OREG 2, OREG 3 and OREG 4; in Guatemala - Zunil and Amatitlan; in Kenya – Olkaria III; and, in Nicaragua - Momotombo.
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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 28, 2011.
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.
SOURCE Ormat Technologies, Inc.