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Ormat Closes Hot Sulphur Springs Deal

Ormat Technologies announced that its wholly owned subsidiary, Ormat Nevada Inc., has completed its acquisition of membership interests in the Hot Sulphur Springs II LLC (HSS), which includes the Tuscarora project.

The 16-megawatt (MW) Tuscarora project is in an advanced stage of development. Ormat plans to construct and operate the project, which is expected to become operational in 2012. Up to 40 MW of electricity from the project has been contracted under a 20-year power purchase agreement with Nevada Power Company, a subsidiary of NV Energy Inc.

Terms of the power purchase agreement are pending customary regulatory approval. The Tuscarora project is located on approximately 9,800 acres of land in Elko County, Nevada.

"The Tuscarora project has the potential to yield a sizable geothermal project, and will be developed in phases with the first phase being 16 MW. As we are beginning construction work on the project this year, we are able to take advantage of government funding options that support renewable energy projects," said Dita Bronicki, CEO of Ormat Technologies.

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