Ormat Secures $50 Million EPC Contract for the Ngawha Extension Geothermal Project in New Zealand
RENO, Nev., Dec. 13, 2017 (GLOBE NEWSWIRE) -- Ormat Technologies Inc. (NYSE:ORA) today announced that one of its subsidiary has signed approximately $50 million Engineering, Procurement and Construction, (EPC) contract, with TOP ENERGY Ltd for Ngawha extension geothermal project located in Ngawha, New Zealand. The project is expected to be completed in the first quarter of 2021.
Under the EPC contract, Ormat will provide its air-cooled Ormat Energy Converters for the Ngawha geothermal extension project. This is the third EPC contract Ormat has signed with TOP ENERGY Ltd. The first one was for the Ngawha I power plant in 1998 and the second for Ngawha II power plant in 2008.
Isaac Angel, CEO of Ormat Technologies said, “This is the continuation of a long and mutually productive, two-decade-long relationship between Ormat and TOP ENERGY. This third significant contract demonstrates our full and long-term commitment to our clients as well as an evidence to our technology superiority over the project life span, designed to accommodate a wide range of geothermal reservoirs, while maintaining maximum flexibility and efficiency. We anticipate final notice to proceed in the second half of 2018 and expect this contract to have a significant contribution to our 2019 and 2020 product segment revenues, providing longer-term visibility for this segment.”
ABOUT ORMAT TECHNOLOGIES
With over five decades of experience, Ormat Technologies, Inc. is a leading geothermal company and the only vertically integrated company engaged in geothermal and recovered energy generation (REG), with the objective of becoming a leading global provider of renewable energy. The company owns, operates, designs, manufactures and sells geothermal and REG power plants primarily based on the Ormat Energy Converter – a power generation unit that converts low-, medium- and high-temperature heat into electricity. With 73 U.S. patents, Ormat’s power solutions have been refined and perfected under the most grueling environmental conditions. Ormat has 530 employees in the United States and 720 overseas. Ormat’s flexible, modular solutions for geothermal power and REG are ideal for the vast range of resource characteristics. The company has engineered, manufactured and constructed power plants, which it currently owns or has installed to utilities and developers worldwide, totaling over 2,500 MW of gross capacity. Ormat current 776 MW generating portfolio is spread globally in the U.S., Guatemala, Guadeloupe, Honduras, Indonesia and Kenya. Ormat also intends to expand its operations and provide energy management and energy storage solutions, by leveraging its core capabilities and global presence.
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 1, 2017.
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.
Ormat Technologies Contact:
VP Corporate Finance and Investor Relations
775-356-9029 (ext. 65726)
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