Thursday, January 22, 2009

Ormat secures $65m contract for Costa Rican geothermal plant

Ormat Technologies, Inc. announced that it has signed a contract with Banco Centroamericano de Integración Económica ("BCIE") for the supply, supervision of installation, start-up and testing of Las Pailas Geothermal Plant, a new geothermal power plant that is to be constructed in Las Pailas Field, Costa Rica.

The plant will be utilized by Instituto Costarricense de Electricidad ("ICE"), the Costa Rican national electricity and telecommunications company. The contract is valued at approximately $65 million and supply of the power plant is expected to be completed within 18 months from the contract start date.

Ormat Technologies is the U.S-based subsidiary of Yavne, Israel-based Ormat.

This is the second order for an Ormat geothermal power plant in Costa Rica for operation by ICE. ICE has been operating an Ormat 18 MW binary geothermal power plant in Miravalles V since 2004. Ormat has been actively designing, supplying, upgrading and operating geothermal power solutions in Central America since 1999.

Dita Bronicki, CEO of Ormat Technologies, said, "We are very pleased to receive this repeat contract for a geothermal project in Costa Rica and to be able to contribute to the Country's effort to move closer to independence from fossil energy sources. The award of these contracts demonstrates the trust that BCIE and ICE have in our ability to contribute experience and knowledge to the development of this new geothermal field, and we look forward to delivering a high performing power plant on schedule and once again work with ICE's geothermal team."

Ms. Bronicki concluded, "We view this milestone as a demonstration of the effectiveness and reliability of Ormat's solutions and it further reinforces the applicability of our renewable energy solutions to the world electricity markets."

The Pailas plant will mark the fifth geothermal power plant with total capacity of over 150 MW erected and upgraded in Central America by Ormat. The new plant will use water-cooled condensers and will utilize the hi-performance, hi-efficiency organic turbine developed by Ormat for geothermal and recovered-energy applications.

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