Ormat Technologies Commences Operation Of 36 MW Geothermal Power Plant In
New Plant Increases Ormat's Total Capacity to over 600MW
RENO, Nev., May 2, 2013
RENO, Nev., May 2, 2013 /PRNewswire/ -- Ormat Technologies, Inc. (NYSE: ORA)
announced today that it reached commercial operation of Plant 2 in the Olkaria
III complex in Naivasha, Kenya, increasing the company's total generating
capacity by 36 MW to 611 MW worldwide. Ormat also plans to add an additional
16 MW of generation at Olkaria III by building a third plant, which it expects
to complete in 2014. Once Plant 3 is complete, total capacity at the Olkaria
III complex will reach approximately 100 MW. The power generated in the
Olkaria III complex is sold under a 20-year power purchase agreement (PPA)
with Kenya Power and Lighting Company Limited (KPLC).
Ormat financed the new 36 MW plant, as well as the first two phases of the
complex completed in 2000 and 2009, with a $265 million debt facility provided
by the Overseas Private Investment Corporation (OPIC). OPIC will also finance
the construction of Plant 3 with another $45 million debt facility.
As a clean, base-load power source, the Olkaria III geothermal complex
provides the country with a cost-effective alternative to imported oil,
offsetting approximately 450,000 tons of carbon dioxide annually.
"Ormat benefited significantly from implementing a multi-phased development
strategy with Olkaria III and our success in Kenya exemplifies the value of
this approach. Drawing knowledge from each phase of development to improve
project and plant performance as we methodically expand has allowed us to
maximize efficiency and reduce risk," said Dita Bronicki, chief executive
officer of Ormat. "Ormat is proud to be a part of Kenya's efforts to provide
reliable power and reduce emissions for a cleaner future. We have achieved
these great accomplishments through the hard work and dedication of many
throughout our organization, including Olkaria III's operation team comprised
entirely of skilled local employees."
About Ormat Technologies
With over four decades of experience, Ormat Technologies, Inc. is a leading
geothermal company and the only vertically integrated company solely engaged
in geothermal and recovered energy generation (REG). 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 over
82 U.S. patents, Ormat's power solutions have been refined and perfected under
the most grueling environmental conditions. Ormat has 550 employees in the
United States and about 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 supplied to utilities and
developers worldwide, totaling approximately 1600 MW of gross capacity.
Ormat's current generating portfolio of 611 MW (net) is spread globally in the
U.S., Guatemala, Kenya, and Nicaragua.
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 toOrmat'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 inOrmat
Technologies, Inc.'s Annual Report on Form 10-K filed with theSecurities and
Exchange CommissiononMarch 11, 2013.
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/Rob Fink
CEO KCSA Strategic Communications
775-356-9029 212-896-1215(Todd)/212-896-1206 (Rob)
firstname.lastname@example.org email@example.com / firstname.lastname@example.org
SOURCE Ormat Technologies, Inc.
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