Ormat Subsidiary Acquires 50% in Geothermal Project in Guatemala

[RenewableEnergyAccess.com] Ormat Technologies’ ORPOWER 3 has acquired an additional 50.8% partnership interest in Orzunil I de Electricidad, Limitada (Orzunil), which owns the Zunil Geothermal Project in Guatemala. Increasing the company’s existing 21% ownership interest in the Zunil Project to 71.8%, the purchase costs USD$14,750,000. The Zunil project resumed regular operation in early March 2006, after being offline following recent hurricane activity that caused the plant to cease operation on October 14, 2005. Ormat currently has operations in the U.S., Israel, the Philippines, Guatemala, Kenya and Nicaragua.
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