Ormat Technologies Inc. (ORA), a U.S. developer of geothermal energy, was given approval by the New Zealand government to buy land in the nation’s North Island for a NZ$200 million ($167 million) power plant.
Ormat was granted consent by the Overseas Investment Office, which assesses bids for sensitive land, according to a document filed on the agency’s website. The company was awarded the project last year by New Zealand Maori land trusts after a bidding process, according to a June 21 statement.
Ormat, a unit of Yavne, Israel-based Ormat Industries (ORMT) Ltd., is one of the biggest foreign developers of geothermal plants in New Zealand, with interests in 12 other projects, according to the June statement. The new plant will be located on 902 hectares (2,229 acres) of land near Rotorua, an area of high geothermal activity.
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