RENO, Nevada, April 16 /PRNewswire-FirstCall/ -- Ormat Technologies, Inc.
(NYSE: ORA), today announced that one of its wholly-owned subsidiaries has
executed a new 20-year power purchase agreement (PPA) with Great River Energy
(GRE), a Minnesota cooperative corporation of Elk River, Minnesota for
electricity to be produced by a new ORMAT(R) Recovered Energy Generation (REG)
facility. The new facility will have a net capacity of 5.3 MW and will
convert the recovered waste heat from the exhaust of an existing gas turbine
into electricity. The turbine is located at a compressor station along the
Northern Border natural gas pipeline and Ormat has already secured the rights
to the waste heat for the new facility.
(Logo: http://www.newscom.com/cgi-bin/prnh/20050328/LAM042 )
Dita Bronicki CEO of Ormat Technologies, said: "We are encouraged by the
increased attention to energy efficiency and the confidence in our REG
technology. Using clean solutions such as Ormat's REG units is a win-win
strategy all around, providing both parties with one of the cleanest, fastest
and most cost efficient ways to generate power while reducing carbon
emissions. While each of our REG power plants along the Northern Boarder
pipeline is only about 5 MW, when combining the opportunities along this one
pipeline alone, we are generating power equivalent to the capacity of one of
our 50 MW geothermal power plants."
Ormat expects the plant to be commissioned in 2009 or early 2010. With the
addition of this new REG facility, Ormat will owns a total of nine units with
an installed capacity of nearly 50 MW along the Northern Boarder pipeline
which are currently under operation and under various stages of construction.
This is the first Ormat plant in Minnesota, a state that has enacted a
Renewable Portfolio Standards program.
"Our REG technology responds to two objectives high on many governments'
energy policy agendas: energy efficiency and emission reduction. As people
and governments worldwide have a vital interest in reducing carbon emissions,
energy efficiency solutions for existing infrastructure will become more
prominent in the fight to curb harmful greenhouse gas emissions. We believe
that Ormat's REG technology will become a preferred solution for business
operators looking to reduce their carbon footprint - a fact that we believe is
validated by each new REG facility we provide," added Mrs. Bronicki.
The Ormat REG facility consist of an ORMAT(R) Energy Converter (OEC) based
on Organic Rankine Cycle technology, which converts recovered heat to electric
power without the need for any additional fuel or water. The OEC unit is
environmentally benign, as it has no emissions of CO2 or NOX.
About Ormat Technologies
Ormat Technologies, Inc. is the only vertically-integrated company
primarily engaged in the geothermal and recovered energy power business. The
company designs, develops, owns and operates geothermal and recovered
energy-based power plants around the world. Additionally, the company designs,
manufactures and sells geothermal and recovered energy power units and other
power-generating equipment, and provides related services. The company has
more than four decades of experience in the development of
environmentally-sound power, primarily in geothermal and recovered-energy
generation. Ormat products and systems are covered by more than 75 patents.
Ormat currently operates the following geothermal and recovered
energy-based power plants: in the United States - Brady, Heber, Mammoth,
Ormesa, Puna, Steamboat and OREG 1; in Guatemala - Zunil and Amatitlan; in
Kenya - Olkaria; and in Nicaragua - Momotombo.
Ormat's Safe Harbor Statement
Information provided in this press release may contain statements relating
to current expectations, estimates, forecasts and projections about future
events that are "forward-looking statements" as defined in the Private
Securities Litigation Reform Act of 1995. These forward-looking statements
generally relate to Ormat's plans, objectives and expectations for future
operations and are based upon its management's current estimates and
projections of future results or trends. Actual future results may differ
materially from those projected as a result of certain risks and
uncertainties. For a discussion of such risks and uncertainties, see "Risk
Factors" as described in Ormat Technologies, Inc.'s Annual Report on Form 10-K
filed with the Securities and Exchange Commission on March 5, 2008.
These forward-looking statements are made only as of the date hereof, and
we undertake no obligation to update or revise the forward-looking statements,
whether as a result of new information, future events or otherwise.
For Immediate Release
Ormat Technologies Contact: Investor Relations Contact
Dita Bronicki Todd Fromer / Marybeth Csaby
CEO KCSA Worldwide
775-356-9029 212-896-1215 / 212-896-1236
dbronicki@ormat.comtfromer@kcsa.com / mcsaby@kcsa.comSOURCE Ormat Technologies, Inc.
Contact: Dita Bronicki CEO of Ormat Technologies, +1-775-356-9029, dbronicki@ormat.com; or Investor Relations Todd Fromer, +1-212-896-1215, tfromer@kcsa.com, or Marybeth Csaby, +1-212-896-1236, mcsaby@kcsa.com, both of KCSA Worldwide