Ormat Secures US $65M Contract for Geothermal Plant in Costa Rica

Ormat Technologies Inc. announced that it has signed a contract with Banco Centroamericano de Integracion Economica (BCIE) for the supply, supervision of installation, start-up and testing of the Las Pailas Geothermal Plant, a new geothermal power plant that will be built in the 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 US $65 million and supply of the power plant is expected to be completed within 18 months from the contract start date.

“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,” said Dita Bronicki, CEO of Ormat Technologies.

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. This is the second order for an Ormat geothermal power plant in Costa Rica for operation by ICE. ICE has been operating an 18-MW Ormat binary geothermal power plant in Miravalles V since 2004.

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