Ormat Industries Ltd.’s U.S. geothermal-energy unit completed a 100-megawatt plant in New Zealand, the world’s largest using binary technology.
The Ngatamariki plant was built for Mighty River Power Ltd. and produces enough energy for 80,000 homes, according to a statement today from Reno, Nevada-based Ormat Technologies Inc. (ORA)
Binary geothermal plants tap underground pockets of hot water or steam, which heat another liquid with a lower boiling point. The secondary liquid expands into vapor and powers a turbine while all the water is reinjected into the earth, reducing emissions and minimizing consumption of the subterranean resource. Conventional geothermal plants use the underground steam to drive a turbine.
The Ngatamariki plant took about two years to build under a $142 million engineering and construction contract.
Ormat Technologies rose 1.3 percent to $25.40 at the close in New York.
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