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.
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