RENO, Nev., Dec. 4, 2014 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE:ORA) announced today its subsidiary has signed an amended and restated Power Purchase Agreement ("PPA") with Kenya Power and Lighting Company Limited (KPLC), paving the way for the expansion of the Olkaria complex.
Under the terms of the PPA, Ormat expects to increase the generating capacity of the complex by 24 MW, bringing the complex's total capacity to 134 MW. The fourth plant is expected to come on line in the second half of 2016 and to sell electricity under a 20 years PPA with KPLC.
"Ormat's Olkaria geothermal complex provides clean, reliable and firm power to over 200,000 Kenyan households, increasing the complex by an additional 24 MW will further benefit the Kenyan people. We see Kenya, with its progressive renewable energy policy, as an important market for us and where we will continue to explore additional projects," said Ormat CEO Isaac Angel. "The synergies that derive from adding units to the existing complex allow smaller plants to be a cost effective and provide the additional power that the country needs in record speeds."
About Ormat Technologies, Inc.
With over four decades of experience, Ormat Technologies, Inc. is a leading geothermal company and the only vertically integrated company solely engaged in geothermal and recovered energy generation (REG). The company owns, operates, designs, manufactures and sells geothermal and REG power plants primarily based on the Ormat Energy Converter - a power generation unit that converts low-, medium- and high-temperature heat into electricity. With over 77 U.S. patents, Ormat's power solutions have been refined and perfected under the most grueling environmental conditions. Ormat has 480 employees in the United States and about 640 overseas. Ormat's flexible, modular solutions for geothermal power and REG are ideal for the vast range of resource characteristics. The company has engineered, manufactured and constructed power plants, which it currently owns or has installed to utilities and developers worldwide, totaling over 1,900 MW of gross capacity. Ormat's current generating portfolio of 626 MW (net) is spread globally in the U.S., Guatemala and Kenya.
Ormat's Safe Harbor Statement
Information provided in this press release may contain statements relating to current expectations, estimates, forecasts and projections about future events that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally relate to Ormat's plans, objectives and expectations for future operations and are based upon its management's current estimates and projections of future results or trends. Actual future results may differ materially from those projected as a result of certain risks and uncertainties. For a discussion of such risks and uncertainties, see "Risk Factors" as described in Ormat Technologies, Inc.'s Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 28, 2014.
These forward-looking statements are made only as of the date hereof, and we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
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Source:Ormat Technologies, Inc.