Ormat Technologies Brings the Only Geothermal Power Plant Online in the U.S. in 2010
15 MW Jersey Valley Plant in Northern Nevada is commissioned
RENO, Nev., Feb. 1, 2011 - Ormat Technologies, Inc. (NYSE: ORA) was successful in bringing its 15 MW Jersey Valley geothermal power plant online. Jersey Valley was the only utility-scale geothermal plant completed in the U.S. this past year, providing additional renewable energy to northern Nevada's electricity grid. The plant is currently in commissioning, operating at partial load with final completion expected in the second quarter.
"We are proud with the accomplishments of this project," said Yoram Bronicki, President and Chief Operating Officer of Ormat. "We were able to implement innovative power plant solutions and complete the construction a short time after all permits were granted."
Located at the northern end of Dixie Valley, Jersey Valley rests along the Pershing-Lander County, Nevada line. Ormat's power solutions are utilized in the plant design; this includes the Ormat Energy Converter ("OEC"), a power generation unit that converts low, medium and high temperature heat into electrical energy. The electricity being produced is sold to NV Energy under a 20-year power purchase agreement.
The Company's financial position and financing capabilities enabled Ormat to build this project with equity and corporate debt and plan to refinance it upon completion with DOE guarantee funds. This funding strategy shortened the development time and provided flexibility during construction.
"Advanced techniques and plentiful amounts of data, combined with a motivated team of skilled individuals and proven equipment brought this project to fruition," Bronicki said. "In addition to providing a new source of renewable energy, the completion of the Jersey Valley project contributes to the success of the geothermal industry as a whole and will provide essential insights for future exploration and development efforts."
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 75 U.S. patents. Ormat has engineered and built power plants, that it currently owns or has supplied to utilities and developers worldwide, totaling approximately 1300 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, 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.
SOURCE Ormat Technologies, Inc.
CONTACT: Dita Bronicki, CEO of Ormat Technologies, Inc., +1-775-356-9029, dbronicki@ormat.com; or Investor Relations, Marybeth Csaby, +1-212-896-1236, mcsaby@kcsa.com, or Rob Fink, +1-212-896-1206, rfink@kcsa.com, both of KCSA Strategic Communications, for Ormat Technologies, Inc.
