Ormat Technologies Inc. (ORA), a U.S. developer of geothermal energy, extended a contract to supply energy from a Guatemalan power plant to state utility Instituto Nacional de Electrificacion by 15 years to 2034.
INDE will also pay more for the energy in exchange for Ormat Technologies taking over the operation and management of the geothermal field, according to a statement today. INDE agreed to take a 3 percent stake in the Zunil power plant.
Ormat Technologies plans to improve heat supply to the plant which is operating at 50 percent of capacity, Reno, Nevada-based Ormat said in the statement.
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