Ormat Signs a New 20-Year Power Purchase Agreement for 10 MW Solar PV Project with Imperial Irrigation District

^{Published on 2011-12-21 03:25:41 - Market Wire}
 

Ormat Signs a New 20-Year Power Purchase Agreement for 10 MW Solar... -- RENO, Nev., Dec. 21, 2011 /PRNewswire/ --

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RENO, Nev., Dec. 21, 2011 /PRNewswire/ -- Ormat Technologies, Inc. (NYSE: [ ORA ]) today announced that it has signed a power purchase agreement (PPA) with Imperial Irrigation District (IID) for 10 MW of solar photovoltaic (PV) energy.   The project, Ormat's first independent PV project in the U.S., will be located near the Heber geothermal complex in Imperial Valley, California.

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Ormat will develop, own and operate the solar project with IID purchasing the power generated under a 20-year PPA.  Construction is anticipated to begin this year and commercial operation is expected within 18 months, subject to timely completion of the interconnection. The project will generate approximately 24,500 annual megawatt-hours of energy production.

"We are pleased to partner with IID in support of their renewable energy growth plan," said Yoram Bronicki, President and Chief Operating Officer of Ormat Technologies.  "While Ormat's roots in solar energy go back more than 40 years, we have recently reinitiated our development efforts in solar projects as a way to expand our renewable energy portfolio.   Developing projects in a cost-effective way and with an acceptable tariff, without the strong dependence on tax incentives, is vital for us to further expand our solar activity in a meaningful way.

"As the project is being built near the Heber geothermal complex area, it allows  for reliance upon a portion of the existing infrastructure, such as the operation facilities."

In addition to development in the U.S., Ormat has made progress with a number of solar PV projects outside the U.S. where it expects to move from the regulatory process to the project development stage for an additional 10 to 15 MW of solar PV power generation.

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 80 U.S. patents. Ormat has engineered and built power plants that it currently owns or has supplied to utilities and developers worldwide, totaling 1,410 MW of gross capacity. Ormat's current generating portfolio includes the following geothermal and recovered energy-based power plants: in the United States - Brady, Brawley, Heber, Jersey Valley, Mammoth, Ormesa, Puna, Steamboat, OREG 1, OREG 2, OREG 3 and OREG 4; in Guatemala - Zunil and Amatitlan; in Kenya -Olkaria III; 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 February 28, 2011.

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.

SOURCE Ormat Technologies, Inc.

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