Ormat Receives Geothermal Order from New Zealand

Ormat Technologies, Inc. announced that two of its subsidiaries have entered into contracts with Ngawha Generation Ltd., a subsidiary of Top Energy Limited for a new geothermal power plant in Ngawha, New Zealand. Upon completion of the plant, the total installed capacity of Ormat’s power plants in New Zealand will exceed 200 megawatts (MW).

The contracts are worth approximately $20 million with construction of the power plant expected to be completed within 20 months from the contract date. The Ngawha plant contract is the tenth Ormat supply contract in New Zealand, six of which are repeat contracts for the supply of geothermal power plants in New Zealand. This is the second order for an Ormat geothermal power plant from Top Energy, which has been operating an Ormat 12 MW geothermal power plant in Ngawha since June 1998. Both plants will produce approximately 75% of the electricity used by Top Energy’s 26,000 consumers, thereby further reducing the amount of electricity. “New Zealand is a significant resource for geothermal development,” said Lucien Y. Bronicki, Chairman of the Board and Chief Technology Officer of Ormat Technologies, “which we believe will provide Ormat with additional growth opportunities that we look forward to developing.” The new plant will optimize energy utilization by converting both geothermal steam and brine from geothermal wells into electric power energy. The new plant, like other existing Ormat plants in New Zealand, will reinject 100% of the geothermal fluid by using air-cooled condensers. The 100% reinjection serves both to sustain the reservoir and to produce electrical power with no environmental impact.

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