Tuesday, April 7, 2009

Ormat installing solar panels at factory in Israel

Ormat Industries Ltd., the parent of NYSE-listed Ormat Technologies, a world leader in geothermal and recovered energy power generation, will collaborate with Sunday Solar Energy Ltd. to install an NIS 20 million ($5 million) photovoltaic power system on the roof of Ormat's factory in Yavne, Israel.

The system will have a capacity of 1 megawatt and surplus power not used by Ormat will be sold back to the Israel Electric Corporation. Ormat will thus benefit from the feed-in tariff established by Israel's Public Utilities Authority (Electricity) for the sale of electricity at NIS 1.97 per kilowatt/hour.

Ormat is also participating in the tender for construction of a solar thermal power plant at Ashalim in the Negev.

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A "Renewable Light Unto the Nations"