August 2, 2011
Ormat Technologies, Inc. Announces the Inauguration in Costa Rica of the 42 MW Las Pailas Geothermal Power Plant by BCIE and ICE
RENO, Nev., Aug. 2, 2011 /PRNewswire/ -- Ormat Technologies, Inc. (NYSE: ORA) announces that a second Ormat designed and manufactured geothermal power plant was inaugurated last week in Las Pailas, Costa Rica.
Under a contract with Banco Centroamericano de Integracion Economica "BCIE", Ormat supplied all the power equipment, supervised the installation and conducted the testing and start-up of the 42 MW power plant. The field development and the construction were executed by the Instituto Constarricense de Electricidad ("ICE"), the Costa Rican National Electricity and Telecommunications Company which will operate the plant.
The inauguration by BCIE and ICE was attended by H.E Laura Chinchilla Miranda President of Costa Rica, Mr. Teofilo de La Torre, former Minister of Energy and recently nominated Executive President of ICE - Costa Rica's national power utility company, other members of the government, Dr. Nick Rischbieth President of BCIE and many distinguished dignitaries.
The Las Pailas is the second geothermal power plant supplied to Costa Rica using Ormat Binary Technology.
Ormat's Chairman, Lucien Y. Bronicki commented : "We are very pleased to continue our collaboration with ICE which started with the 18 MW Miravalles Unit 5 in 2004 . The Las Pailas plant demonstrates the trust that ICE and BCIE have in Ormat and its Binary Technology".
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 approximately 1370 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.
Ormat Technologies Contact: Investor Relations Contact: Dita Bronicki Todd Fromer / Rob Fink CEO KCSA Strategic Communications 212-896-1215 (Todd) 775-356-9029 /212-896-1206(Rob) [email protected]/ [email protected] [email protected]
SOURCE Ormat Technologies, Inc.