Ormat Secures US $42 Million Contract for Geothermal in New Zealand

Ormat Technologies Inc. announced that two of its subsidiaries have entered into a supply contract and a construction contract with Contact Energy LTD of New Zealand for the Centennial Binary Plant, a new geothermal power plant that is to be constructed in the Tauhara Geothermal Field in New Zealand. The contracts are valued at approximately US $42 million and construction of the plant is expected to be completed within the next two years.

Contact Energy generates approximately 28% of the country’s total electricity capacity, including approximately 27% of the retail electricity market share. Contact Energy already has one operating binary geothermal power plant that was supplied by Ormat in 2005.

“We are very pleased to receive this repeat contract from Contact Energy and are excited for the opportunity to once again work with the company’s geothermal team. The award of these contracts demonstrates the trust that Contact Energy has in our ability to contribute experience and knowledge to the development of this new geothermal field, and we are looking forward to delivering a great performing power plant on schedule,” said Dita Bronicki, CEO of Ormat Technologies.

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