Ormat Rises on $61.2 Million Contract for Geothermal Plant

Ormat Technologies Inc. (ORA), a U.S. geothermal energy company, rose the most in two months after receiving a $61.2 million contract to build a power plant in North America.

Ormat rose 2.7 percent to 18.78 at the close in New York, the most since Feb. 24. The Reno-based company will provide two air-cooled converters under an engineering, procurement and construction contract it announced today in a statement.

The plant is expected to be completed in 2013. Smadar Lavi, Ormat’s vice president of corporate finance and investor relations, didn’t name the owner or provide additional details in an e-mail today.

The contract will add to Ormat’s backlog, which reached $240 million in the fourth quarter.

Ormat is a unit of Yavne, Israel-based Ormat Industries Ltd. (ORMT), which rose 0.65 percent to 18.52 shekels in Tel Aviv today.

To contact the reporter on this story: Ehren Goossens in New York at egoossens1@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.